MANILA, Philippines – Ayala Land Incorporated saw its first half net income rise by 16% to P9.74 billion, the property giant said in a disclosure to the Philippine Stock Exchange (PSE).
Ayala Land said its first half net income reached P9.74 billion, compared to P8.39 billion posted in the same period last year.
Its consolidated revenues in the first 6 months of the year grew by 8% to P54.76 billion from P50.61 billion in the same period last year.
Its core businesses, such as property development, commercial leasing, and services, went up by 8% to P51.45 billion in the first half of the year. (READ: Ayala Land Premier announces most expensive residential project yet)
Ayala Land said the growth was propelled by the continued expansion of its large mixed-use estates in key growth areas nationwide.
“Our established estates drove our performance, alongside increasing contributions from similar mixed-use developments that we’ve launched over the last five years,” Ayala Land President and CEO Bernard Vincent Dy said in the disclosure.
“In the first half of 2016, we also introduced new residential products, opened new malls and offices, and broke ground on additional leasable assets in line with our objective of balancing our development and recurring income portfolio,” Dy added.
During the first half of the year, Ayala Land launched two huge mixed-use developments – the 17.5-hectare Gatewalk Central in Mandaue City, and the P19-billion transport-oriented development in the Makati central business district.
The property firm also launched residential projects such as Ayala Land Premier’s Park Central Towers, Alveo’s Callisto, and Avida’s One Antonio, all located in Makati City.
To boost its leasing business, it opened Ayala Malls Legazpi in Bicol and a new phase at UP Town Center.
The company also completed BPO offices at UP-Ayala Land Technohub and UP Town Center.
At the newly-launched Gatewalk Central, Ayala Land will build a mall with an estimated gross leasable area of 115,000 square meters, and a BPO office with an estimated 20,000-sqm gross leasable area.
The company’s hotels and resorts portfolio continues to grow with 11 Seda hotels currently being built in key locations across the country.
To further position the Philippines as a premiere tourist destination and drive economic progress in Western Visayas, Ayala Land has also begun developing its second masterplanned eco-tourism estate in Sicogon Island, Iloilo.
The company is also currently developing Circuit Makati, Arca South in Taguig, Vertis North and Cloverleaf in Quezon City, Vermosa in Cavite, Altaraza in Bulacan, Alviera in Pampanga, Atria Park District in Iloilo City, and Capitol Central in Bacolod City.