MANILA, Philippines - Property giant Ayala Land Inc. (ALI) recorded hefty profit growth in the first semester, driven by the improved performance of the residential, shopping center, office, and hotels and resorts businesses.
The property arm of the Ayala conglomerate posted a 25-percent earnings growth to P7.1 billion in the first half from P5.6 billion a year ago. Total revenues rose 26 percent to P46.2 billion from P36.6 billion.
The growth was driven by significant contributions from all of its business units: property development, commercial leasing, hotels and resorts, construction and property management, ALI said in a disclosure to the stock exchange.
“We have been consistent in the execution of our planned projects, and we are making sure that we continue to build integrated estates that will generate economic growth in more areas,” said ALI president and CEO Bernard Vincent O. Dy.
“The past years have been about laying the proper foundations for the company’s future growth and we will build on these strong platforms as we complete our projects and introduce new ones,” he said.
Revenues of the property development business, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, rose 28 percent to P29.3 billion from P22.8 billion.
ALI said revenues from the residential business hit P24.3 billion, up 40 percent from last year, amid “strong bookings and project completions across all its residential brands.”
Sales take-up for its residential products reached an all-time high of P48.5 billion, equivalent to an average monthly sales take-up of P8.1 billion, ALI said.
In the six-month period, the five residential brands of ALI launched a total of 5,525 units with a total sales value of P26.8 billion.