Ayala Land net profit up 16%

Ayala Land Inc. grew its first-semester net profit by 16 percent year-on-year to P9.74 billion on higher earnings across its property development and commercial leasing businesses.

Consolidated revenues grew by 8 percent to P54.76 billion in the first six months as core businesses expanded on the back of coordinated expansion of ALI’s large mixed-use estates in key growth areas nationwide.

For the second quarter alone, net income rose 18 percent year-on-year to P5 billion. Revenues were up 5 percent year-on-year to P20 billion.

“Ayala Land continues to capitalize on the growth in the real estate sector. Our established estates drove our performance, alongside increasing contributions from similar mixed-use developments that we’ve launched over the last five years. 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,” ALI president Bernard Vincent Dy said in a statement Tuesday.

Property development revenues rose 6 percent to P33.66 billion in the first six months. This segment includes the sale of residential lots and units, office space as well as commercial and industrial lots.