MANILA, Philippines — Property giant Ayala Land Inc. (ALI) grew net profit in the first three months by 12 percent year-on-year to P7.3 billion on higher earnings from residential development and commercial leasing portfolios.
Total revenues went up by 7 percent year-on-year to P39.7 billion, ALI disclosed to the Philippine Stock Exchange on Tuesday.
“We continue to experience consistent growth in all our business lines. Notable was the strength of our commercial portfolio as the asset build-up over the last few years moved the business forward. Our development business also continues to grow in line with expectations, posting a healthy increase in reservation sales due the sustained demand from local and overseas Filipinos,” ALI president Bernard Vincent Dy disclosed.
Revenues from property development rose by 4 percent year-on-year to P26.1 billion for the three-month period. As an indicator of future revenue growth from development, sales reservations likewise grew by 8 percent to P34.1 billion for the quarter.
ALI’s commercial leasing business, which includes the operation of shopping centers, offices, hotels and resorts, generated total revenues of P9.2 billion – a 19 percent improvement year-on-year.