Ayala Land net profit for first semester of 2014 hits P7.1B

Screengrab from www.ayala.com.ph

MANILA, Philippines—Ayala Land Inc. grew its first-semester net profit by 25 percent year-on-year to P7.1 billion on the back of double-digit growth across its residential development, shopping mall, office, tourism as well as construction and property management businesses.

Revenues for the six-month period reached P46.2 billion, 26 percent higher than the level in the same period last year, ALI reported to the Philippine Stock Exchange on Monday.

“We have been consistent in the execution of our planned projects, and we are making sure that we continue to build integrated estates that will generate economic growth in more areas,” said Bernard Vincent Dy, ALI president and chief executive officer.

“The past years have been about laying the proper foundations for the company’s future growth and we will build on these strong platforms as we complete our projects and introduce new ones,” he added.

ALI’s property development business, which includes the sale of residential lots and units, office space, as well as commercial and industrial lots, registered revenues of P29.3 billion, 28 percent higher than the level in the same period last year. Revenues from the residential business grew by 40 percent year-on-year to P24.3 billion, attributed to strong bookings and project completions across all its residential brands.

As an indicator of future revenue growth, ALI’s sales take-up for residential products hit an all-time high of P48.5 billion, equivalent to an average monthly sales take-up of P8.1 billion.

The company’s five residential brands — Ayala Land Premier, Alveo, Avida, Amaia and BellaVita — launched a total of 5,525 units in the first six months of 2014, with a total sales value of P26.8 billion.