ALI net profit jumps 25%

Ayala Land Inc. grew its first-quarter net profit by 25 percent year-on-year to P3.46 billion on the back of a double-digit expansion in earnings across its property development, commercial leasing and services business.

“The solid performance of each of our business units contributed to ALI’s overall earnings,” said Bernard Vincent-Dy, ALI president and CEO. “We expect sustained growth to be driven by continuous development in our mixed-use estates as we further enhance our residential, shopping center, office, and hotels and resorts offerings.”

Property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, reported revenues of P13.47 billion in the first three months of 2014, 12-percent higher than the level in the same period last year.

Revenues from the residential development business alone grew by 36 percent to P11.02 billion. Ayala Land Premier’s Garden Towers at Makati, Alveo’s Verve at Bonifacio Global City, Towers 3 and 4 of Avida Centera at Mandaluyong, Amaia Steps Nuvali and BellaVita Alaminos, among others, contributed to revenues, the company reported.

Combined revenues from shopping centers, office and hotels and resorts operations amounted to P5.28 billion during the first three months, 29-percent higher than the level a year ago.

From shopping centers alone, revenues rose by 16 percent year-on-year to P2.84 billion. Lease rate stood at a monthly average of P1,163 a square meter while occupied gross leasable area (GLA) was up 11 percent year-on-year.

Wholly owned Makati Development Corp. and Ayala Property Management Corp. grew their combined revenues by 62 percent to P7.54 billion while office leasing operations boosted revenues by 49 percent to P1.06 billion. Hotels and resorts business grew by 47 percent to P1.37 billion, driven by improved performance of new hotels and resorts.