Ayala Land maintains steady growth with nine-month profit up 17%
Property giant Ayala Land Inc. (ALI) saw its net earnings rise by 17 percent to P20.78 billion in the first three quarters on higher earnings from its property development and leasing portfolio.
Consolidated revenues went up 21 percent to P119.7 billion on strong residential demand and the expansion of its commercial business.
?Our positive financial results are motivated by our vision to build communities that enrich the lives of more people, and we reaffirm this commitment as we celebrate Ayala Land?s 30th anniversary this year,? said Bernard Vincent O. Dy, president and CEO of ALI.
Revenues from ALI?s five residential brands — Ayala Land Premier, Alveo, Avida, Amaia, and Bellavita — and MCT BHd in Malaysia, jumped 26 percent to P70.3 billion. Reservation sales went up 15 percent to P108.4 billion, translating to an average monthly take-up of P12 billion.
The company launched P81.8 billion worth of residential and office for sale projects during the period.
Revenues from the office leasing business slightly went up to P6.9 billion.
Lot sales in Arca South, Taguig City fueled the sales of commercial and industrial lots which reached P5.6 billion, 16 percent higher.
ALI?s commercial leasing business which comprises shopping centers, offices, and hotels and resorts, generated P25.3 billion in revenues, up 14 percent driven by the strong performance of Greenbelt in Makati and UP Town Center in Quezon City, the opening of Ayala Malls Circuit Makati, as well as higher contributions from newer malls such as Ayala Malls The 30th, Ayala Malls Vertis North, and Ayala Malls Cloverleaf.
The hotels and resorts business continued to grow, chipping in P5.7 billion in revenues due to the higher occupancy and average room rate of Seda Vertis North in Quezon City and Seda Capitol Central in Bacolod, as well as the improved performance of El Nido Resorts. It ended September with a total of 2,618 rooms operating with the addition of 209 rooms in the third quarter.