ALI nets P9.74B

PROPERTY giant 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 on the back of growth across all core businesses – property development, commercial leasing and services. The performance was attributed by ALI to the coordinated expansion of its large mixed-use estates in key growth areas nationwide.

“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 press statement on Tuesday.

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

Commercial leasing- covering the operation of shopping centers, offices, and hotels and resorts – recorded total revenues of P12.76 billion, 12 percent higher year-on-year.

The company spent a total of P43.35 billion for project and capital expenditures.