ALI profit jumps 25% to P10.8 B in 9 mos

MANILA, Philippines - Property giant Ayala Land Inc. (ALI) boosted its earnings by a quarter in the first nine months of the year behind the robust performance across its property development, commercial leasing and services business units.

ALI said its net income jumped 25 percent to P10.8 billion in the first three quarters while consolidated revenues grew 20 percent to P68.3 billion.

“As we continue to build integrated communities across the country, we remain focused on the execution and delivery of our various projects. We also continue to aggressively pursue new opportunities and development, given the robust growth of the economy,” said Bernard Vincent Dy, ALI president and chief executive officer.

ALI said its property development business, which includes the sale of residential lots and units, office spaces as well as commercial and industrial lots, posted a 26-percent revenue growth to P47 billion in the nine-month period compared to P37.4 billion during the same period last year.

Revenues of the residential segment, meanwhile, soared 40 percent to P40.1 billion on the back of strong bookings and project completions across all segments.

Units Ayala Land Premier, Alveo, Avida, Amaia and BellaVita all posted double digit-growth in revenues.

ALI said revenues from shopping centers also performed well in the January to September period, as it grew nine percent to P8.3 billion from P7.6 billion a year ago.

Total gross leasable area (GLA) went up nine percent year-on-year while occupied GLA rose six percent.

For its office leasing operations, ALI also saw a 19-percent increase in revenues to P3.1 billion from P2.6 billion.

The company’s hotels and resorts business, meanwhile,  climbed 37 percent to P4 billion from P2.9 billion in the same period last year as a result of improved performance of new hotels and resorts.

ALI’s wholly-owned construction and property management companies contributed total revenues of P20.6 billion, compared to P16.3 billion in the previous period.

The 26-percent increase was attributed to the steady completion of ALI Group projects and the higher revenue contribution of Ayala Property Management Corp., the property firm said.