Jan-Sept 2015 period chi net income up 32% to P530M

CEBU, Philippines - Cebu Holdings Inc., the Cebu-based property unit of Ayala Land Inc., saw its net income jump in the first nine months of 2015, mainly buoyed by real estate sales, mall rental income and land leases.

CHI's quarterly report disclosed to the Philippine Stock Exchange showed its net income from January to September 2015 rising by 32 percent to P530 million from P403 million in 2014's comparable period.

Its consolidated revenues in the 2015 nine-month period also rose to P2.1 billion, growing 37 percent from P1.6 billion it posted in same period in 2014.

"The improvement in consolidated revenues was mainly on account of sales of commercial lot at Cebu Business Park, higher leasing income from Ayala Center Cebu and eBloc Towers and interest and other income," the Ayala-led firm said in the report.

CHI's 2015 revenues mainly came from sale of a commercial lot, rental income from Ayala Center Cebu, the Walk and eBloc Towers, sale of residential lots and condominium units and interests and other income.

The listed company said its rental income had grown by an average 11-12 percent.

Cebu-based CHI is 50.84 percent owned by ALI, a subsidiary of listed Ayala Corp.

Shares of CHI closed at P5 per share as of Friday. (FREEMAN)