AYALA Land, Inc. (ALI) said net income for the first nine months of the year jumped 18 percent to P17.8 billion backed by the strong performance of its business units.
Consolidated revenues amounted to P98.9 billion, an increase of 16 percent from last year, driven mostly by brisk real estate sales.
Exceeding target levels, real estate sales rose 12 percent to P94.2 billion. Meanwhile, combined revenues from shopping centers, offices, hotels and resorts grew by 10 percent to P21.1 billion.
“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,” ALI President and Chief Executive Officer Vincent Dy told the local bourse on Tuesday.
“Moving forward, we remain committed to introducing market-responsive products that will better serve our customers and sustain the business results of the company,” he said.
To date, ALI has 23 mixed-use developments nationwide, 14 of which are outside Metro Manila. The company has so far launched Evo City in Cavite and Azuela Cove in Davao, and is poised to introduce Seagrove in Lapu-Lapu City, Cebu this month to complete this year’s offerings.
Revenues from property development rose 30 percent to P68.4 billion in the first nine months. Meanwhile, a total of P53.9 billion worth of residential and office for sale projects were launched in that period.
Shopping centers posted revenues of P11.8 billion with total gross leasable area (GLA) increasing to 1.70 million square meters. Office spaces generated P4.47 billion in revenues for the company.
The hotels and resorts business churned revenues of P4.83 billion as the number of rooms rose to 2,509 from 2,477 in the first half with the opening of new rooms in Balai Adlao, Lio and Balay Kogon in Sicogon.
ALI is scheduled to open the 154-room Seda Capitol Central in Bacolod and 20-room Hotel Covo in Lio this year.