Net profit of one of the country’s biggest realty firms, Ayala Land Inc. (ALI), grew by 12 percent to P23.2 billion from high earnings from malls, offices, hotels and revenue from real estate projects.
But the profits came mainly from real estate revenues which were steady at P119.7 billion compared to P113.1 billion in 2019. This was attributed to higher office, commercial and industrial lot sales and further boosted by more leases.
“Third quarter financial results were in line with our expectations,” ALI president Bernard Vincent Dy said in a disclosure to the Philippine Stock Exchange on Tuesday, Nov. 5.
He said more projects that had been launched in the last nine months “will help us finish strong in 2019 and provide positive momentum in 2020.”
Earnings from commercial leases “continue to outperform as business and consumer activity remain robust,” he added.
“More completed assets over the last couple of years” also gave high revenues as these “experience high occupancy rates,” Dy added./TSB