Ayala Land 9-month profit hits Php12.8-B

MANILA, Nov. 9 (PNA) — Property giant Ayala Land, Inc. (ALI) booked a 19-percent surge in profit in the first nine months of 2015 on the back of sustained stable performance of property development, commercial leasing and services businesses.

Its net income reached Php12.8 billion in January to September from Php10.8 billion during the same period last year.

ALI said its consolidated revenues increased 9.96 percent to Php68.3 billion to Php75.1 billion.

“Our nine-month earnings affirm the consistent and balanced performance of our key business lines which we plan to expand at a steady pace,” said Bernard Vincent O. Dy, ALI President and Chief Executive Officer.

“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 property development, which include the sale of residential lots and units, and office spaces, as well as commercial and industrial lots, also surged 9 percent to Php46.9 billion in the same nine-month period.

Moreover, revenues from commercial leasing, which cover the operation of shopping centers, offices, and hotels and resorts, totaled Php17.2 billion, 12 percent higher than the Php15.4 billion recorded in 2014.

Revenues from the residential and office for sale segment reached Php40 billion, 10 percent higher year-on-year, driven by sustained bookings and project completion across all residential brands.

Revenues from shopping centers reached Php9.2 billion, 12 percent higher year-on-year from Php8.3 billion, due to the increasing contributions of Fairview Terraces and UP Town Center, as well as the higher occupancy and average rental rates of existing malls.

Revenues from office leasing reached Php3.7 billion, 18 percent higher year-on-year from Php3.1 billion due to the contribution of new offices and the higher occupancy and average rental rates of existing offices.

The company has so far spent a total of Php60.3 billion in capital expenditures. It launched residential and leasing projects worth Php97.9 billion in the first nine months of 2015. (PNA)