050907: Cebu Holdings profit rises 52%

May 08, 2007
Updated 10:08:18 (Mla time)

Xinhua Financial News Service

MANILA, Philippines -- Cebu Holdings Inc., a property developer which is 47.2 percent owned by Ayala Land Inc., said its net profit in the first quarter rose 52 percent year-on-year to P112.4 million on the back of increased sales.

Revenue jumped 89 percent to P486.8 million for the three months to March, driven mainly by the improved performance of its Ayala shopping center in Cebu province in central Philippines, the company said in notes accompanying its results.

Ayala Land is expected to announce its first-quarter results on Wednesday.

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