Ayala Land profit up 19%

Property giant Ayala Land Inc. said earnings rose in the first nine months of the year, as it cited continued demand for real estate amid strong domestic economic fundamentals.

ALI said profit during the nine-month period of 2015 jumped 19 percent to P12.8 billion as total revenues hit P75.1 billion, up 10 percent from the same period in 2014. Most of that came from its core real estate business, which reached P70.2 billion, ALI said.

“The market continues to be good if you look at the various indicators,” ALI president Bernard Vincent Dy said in a briefing Monday. “It continues to be supportive of our different business lines.”

Dy said this was partly driven by money coming from overseas Filipino workers, a booming business process outsourcing (BPO) sector and low interest rates.

ALI said in its filing that it spent P60.3 billion in capital expenditures so far this year. It launched residential and leasing projects worth P97.9 billion in the first nine months of 2015.

The builder added that it recorded growth across its business segments and brands, which span upscale projects to affordable developments.