Ayala Land nets P6.52B
Property giant Ayala Land Inc. grew its first quarter net profit by 17 percent year-on-year to P6.52 billion, driven by the double-digit expansion of the residential development and commercial leasing businesses.
Total revenues also increased by 17 percent year-on-year to P36.98 billion, Ayala Land disclosed to the Philippine Stock Exchange on Tuesday.
Property development revenues grew by 29 percent year-on-year to P25.14 billion in the first three months, driven mainly by residential revenues, which surged by 34 percent to P21.77 billion.
As an indicator of sustained growth in the residential segment, reservation sales in the first quarter increased by 16 percent year-on-year to P31.5 billion.
Meanwhile, commercial leasing revenues grew by 11 percent to P8.16 billion due to the increasing contribution of newly-opened malls, offices and hotels and resorts.
“With the sustained economic growth of our country, demand for residential products across all market segments remained strong in the first quarter of this year. Our leasing businesses also continued their steady increase in contribution, as recently opened malls and offices stabilize and start making an impact to our bottom line,” said ALI president and chief executive officer Bernard Vincent Dy.
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