The profit growth was fueled by gains from share sales, reduced financing expenses and stable equity earnings from operating units, the company told the stock exchange.

For this year, Ayala said it was budgeting P56 billion for consolidated capital expenditures, nearly double the 2007 level and the highest in a decade.

Ayala said its consolidated total revenue grew 12.16 percent to P78.7 billion last year from P70.165 billion in 2006.

Costs and expenses rose 8.1 percent to P58.36 billion from P53.98, with interest expenses and other financing charges amounted to P4.12 billion, down from P5.02 billion in 2006, it said.

“We are pleased with the group’s performance in 2007, as each of our major business units sustained a healthy growth. Each is well-positioned to pursue value-creating strategies that will help accelerate Ayala’s growth moving forward,” Ayala president and chief operating officer Fernando Zobel de Ayala said.

“The much improved business environment over the past two years has also given us the opportunity to unlock values from the investments we initiated over the past decade, especially as market values reached attractive levels for value realization,” he added.

The group’s major operating units -- Ayala Land Inc., Bank of the Philippine Islands, and Globe Telecom Inc. -- have reported double-digit growth in 2007 profit.

Companies under holding firm AC Capital reported collective equity earnings of P11.8 billion in 2007, down slightly from P12.1 billion in 2006.

Ayala Land posted a 13-percent growth in net income to P4.4 billion. For this year, it is increasing by 60 percent its capital expenditure to P24.3 billion. It said it would launch residential development projects, increase shopping center leasable areas, and expand initiatives in business process outsourcing.

Bank of the Philippine Islands posted an 11-percent rise in profit to P10 billion, as revenue grew by 9 percent.

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