Ayala Land to tap debt market to raise P20B
Property giant Ayala Land Inc. is preparing to return to the debt market to partly fund its 2018 capital spending program which is seen to reach about P100 billion.
While it has yet to finalize its funding requirements for next year, ALI estimates to raise around P15-P20 billion from the debt markets to support its growth plans.
“With the progress of our project launches to-date, we see that we are on track to reach P90 billion worth of residential projects launched at the end of 2017,” ALI chief finance officer and treasurer Augusto Bengzon said in a stock exchange filing.
ALI said it was also on track to grow its bottom line by 18 percent this year from P20.9 billion in 2016.
In the nine months to September, ALI reported an 18 percent increase in profit to P17.8 billion, driven by higher revenues from property development and leasing income.