Property giant Ayala Land Inc. booked an P11.5-billion net profit in the first semester, an 18-percent year-on-year growth, as revenues from residential development and commercial leasing expanded.
ALI said it remained on track in executing plans toward achieving its 2020 net income target of P40 billion.
ALI’s consolidated revenues reached P64.5 billion, 18 percent higher than the previous year, the company said in a regulatory filing on Monday. Revenues from real estate amounted to P60.5 billion, also up by 18 percent year-on-year.
Total revenues from property development amounted to P44.3 billion, 32-percent higher year-on-year while total revenues from commercial leasing amounted to P14.17 billion, 11 percent up.
As an indicator of future revenue growth, property sales rose by 11 percent year-on-year to P61.4 billion, translating to an average monthly sale of P10.2 billion.
“We’ve seen residential sales pick up in 2017, after a few years of relatively flat growth. Given our pipeline of launches for the balance of 2017, we remain positive that we can sustain the growth in the second half of the year,” ALI president and CEO Bernard Vincent Dy said in a press statement on Monday. —DORIS DUMLAO-ABADILLA