MANILA, Philippines -- The country’s biggest property developer, Ayala Land Inc., on Wednesday said its net profit in the first quarter jumped 42 percent to P1.83 billion ($43.2 million), boosted by higher sales from both its residential and construction businesses.

Ayala Land's consolidated revenue during the quarter grew 28 percent to P8.23 billion from P6.45 billion a year ago.

The company said its residential projects accounted for the biggest share of total revenue at 42 percent or P3.5 billion.

Its support businesses -- which include construction, property management and hotels -- contributed 25 percent or P2.0 billion. Its shopping centers contributed 13 percent or P1.0 billion.

Ayala Land said it spent P4.3 billion in the first quarter for project and capital expenditures, which represent 17 percent of the full-year capex budget of P24.3 billion.

Ayala Land shares ended Wednesday 3.1 percent higher at P10.00.