Ayala Land ups profit to P17.8b
Major property developer Ayala Land Inc. registered a net income of P17.8 billion in the first nine months of the year, up 18 percent year-on-year, boosted by record-high sales and steady growth in leasing income.
Ayala Land’s nine-month consolidated revenues grew 16 percent to P98.9 billion, from P85.49 billion a year ago, as real estate revenues rose 15 percent to a record P96.4 billion from a year ago level.
Residential sales surged 28 percent to P60 billion, while office for sale climbed 44 percent to P6.7 billion. Sales of commercial and industrial lots contributed P4.8 billion, up eight percent from a year ago level .
“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,” Ayala Land president and chief executive Bernard Vincent Dy said Friday.
Reservation sales in the first nine months of the year amounted to P94.2 billion, which international sales accounting for 20 percent.
Revenues from commercial leasing business increased 10 percent in the first nine months of the year to P21.06 billion from P19.17 billion year ago, as shopping centers posted sales of P11.7 billion, up 11 percent on year.
The group’s mall business covered 1.7 million square meters of gross leasable space as of end September this year.
Office leasing contributed P4.4 billion in sales, an increase of 11 percent from last year’s level, while hotel and resorts added P4.8 billion, up six percent higher from 2016 level, after the sector expanded its number of rooms to 2,509 with the opening of new rooms in Sicogon.
It is also scheduled to open the 154-room Seda Capitol Central in Bacolod and 20-room Hotel Covo in Lio this year.
Ayala Land said it spent P63.2 billion for project and capital expenditures by the end of September 2017, with 49 percent used on the completion of residential projects and 28 percent on commercial leasing projects.
Ayala Land spent the balance of 23 percent on land acquisition, new businesses, services and development of its estates.