ALI boosts 9-month income to P12.8 B

MANILA, Philippines - Ayala Land Inc. (ALI), the property development arm of the Ayala Group, reported a net income of P12.8 billion in the nine months to September, up 19 percent from P10.79 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, ALI said revenues increased 10 percent to P75.1 billion from January to September, mainly driven by the steady performance of its residential, malls, office and hotel businesses.

In the third quarter alone, net income rose 19 percent to P4.4 billion while revenues went up 10 percent to P24.4 billion.

ALI president and CEO Bernard Dy said the company’s nine-month performance affirms the consistent and balanced performance of key business lines, which the company plans to expand at a steady pace.

 Dy said the property giant would continue to develop integrated mixed-used properties around the country.

“Our priority is still the continuous development of our integrated mixed-use estates all over the country. Through the company’s more established estates, such as Makati, Bonifacio Global City, Cebu Park District, and in recent years, Nuvali. We have seen these developments contribute positively to the local economy,” he said.

Revenues from the real estate business, which comprises property development, commercial leasing and services, reached P70.2 billion.

Of that amount, revenues from property development, which include the sale of residential lots and units, and office spaces, as well as commercial and industrial lots, amounted to P46.9 billion, up nine percent year on year.

Revenues from commercial leasing amounted to P17.2 billion, 12 percent higher than the P15.4 billion recorded in 2014. Commercial leasing operations cover the operation of shopping centers, offices, and hotels and resorts.

To date, the company has spent P60.3 billion after launching P97.9 billion worth of residential and leasing projects during the nine-month period.

Among these projects include Cloverleaf in Quezon City, Capitol Central in Bacolod City, and the 700-hectare Vermosa in Cavite.

New shopping centers include Solenad 3 at Nuvali, Circuit Lane at Circuit Makati,  a second Wellworth department store and Merkado (the first supermarket at UP Town Center in Quezon City).

Revenues from the residential and office for sale segment climbed by 10 percent to P40 billion, due to sustained bookings and project completion across all residential brands.

Ayala Land Premier, ALI’s high end property subsidiary, registered a six percent growth in revenues  to P15.7 billion, driven by sales from new projects such as The Courtyards at Vermosa, Cavite and high-end residential building projects such as the Two Roxas Triangle and Garden Tower 2 at Ayala Center in Makati, The Suites and East Gallery Place at Bonifacio Global City in Taguig, and Park Point Residences in Cebu.