Ayala Land sees good 2Q earnings
MANILA, Philippines—Property giant Ayala Land Inc. expects to post “good” financial results for the second quarter of the year in line with the momentum seen in the first three months.
ALI also sees good prospects for future earnings growth based on sales in the second quarter. “Sales numbers continue to be strong whether residential, malls or office. We expect the second quarter to continue to be a good quarter,” ALI chief finance officer Jaime Ysmael told reporters after an ING-Financial Executives Institute of the Philippines (FINEX) forum Thursday night.
In the first quarter, ALI grew its net profit by 30 percent year-on-year to P2.76 billion as all business lines contributed higher earnings. Sales for the first three months reached P19.2 billion, equivalent to monthly average sales of P6.4 billion, comparable to the record P6.5 billion average monthly sales achieved for the whole of 2012.
The second quarter was still a “good quarter, definitely,” Ysmael said. “The numbers continue to be good, consistent with what we’ve seen in the first quarter.”
Ysmael said ALI, however, had yet to launch in the first half 50 percent of the inventory it planned to roll out for 2013. This is because more of the launches had been scheduled in the second half of the year.
“The timing, permitting process is really skewed for the second half of the year,” he said.
For the first quarter, ALI’s residential brands launched a total of 4,010 units with a total sales value of P10.1 billion.