MANILA, Philippines–Property giant Ayala Land Inc. boosted its first quarter net profit by 30 percent year-on-year to P2.76 billion as all business lines contributed higher earnings.
“We are pleased that we have sustained this quarter’s growth trajectory, even as we embarked on new land banking initiatives which further expand our geographical reach and will benefit ALI in the long term,” ALI president Antonino Aquino said in a press statement issued Wednesday.
Consolidated revenues for the first quarter reached P18.53 billion, 38 percent higher than the P13.39 billion posted in the same period last year.
“Demand for our products continues to be strong, as reflected in the bookings and sales take-up of our recent residential launches,” said Jaime Ysmael, ALI chief finance officer. “Our commercial spaces continue to achieve very good lease and occupancy rates, particularly in the BPOs (business process outsourcing). A number of our new hotels and additional rooms in our new resorts have recently come on stream. This puts us well on track to achieving our targets and we will continue to pursue our growth plans just as aggressively for the rest of the year.”
Property development, which includes the sale of residential lots and units as well as the sale of commercial and industrial lots, posted revenues of P12.11 billion or 56 percent higher than the level reported a year ago.
Ayala Land’s residential segment grew revenues by 17 percent year-on-year to P8.01 billion in the first three months on the back of a 33 percent improvement in the value of bookings across the residential brands Ayala Land Premier, Alveo, Avida, and Amaia.
As an indicator of future growth, sales take-up value for the first three months of the year reached P19.2 billion, equivalent to an average monthly sales take-up of P6.4 billion. This was comparable to the record P6.5 billion average monthly sales take-up achieved for the whole of 2012.
ALI’s residential brands launched a total of 4,010 units in the first quarter with a total sales value of P10.1 billion.