Ayala Land maintains steady pace of growth
Property giant Ayala Land Inc. said its nine-month net income rose 18 percent to P17.8 billion on higher earnings across its property development and commercial leasing businesses.
Consolidated revenues reached P98.9 billion, up 16 percent year on year as property sales expanded by 12 percent to P94.2 billion.
Total revenues from property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, amounted to P68.4 billion or an increase of 30 percent.
ALI rolled out P53.9 billion worth of residential and office projects during the period.
Combined revenues from shopping centers, offices, hotels and resorts went up 10 percent to P21.1 billion.
Recurring income businesses are likewise gaining ground. Shopping centers registered P11.8 billion in revenues with total gross leasable area increasing to 1.7 million sqm.
“We have seen a marked increase in our residential property sales in the first three quarters of 2017. Together with the continued build-up of our leasing assets, this has led to a strong top and bottom line growth for the company. Moving forward, we remain committed to introducing market-responsive products that will better serve our customers and sustain the business results of the company,” said Bernard Vincent O. Dy, president and CEO of ALI.
ALI spent a total of P63.2 billion for project and capital expenditures by the end of September, 49 percent was spent on the completion of residential projects and 28% on commercial leasing projects, 17% on land acquisition, new businesses, services and other investments while 6% was spent on the development of its estates.