Property giant Ayala Land Inc. expanded its first-quarter net profit by 31 percent to P2.13 billion year on year on strong performance across the residential, commercial, office, hotel and other businesses.
Consolidated revenues for the first three months reached P12.39 billion, 17 percent higher than the P10.59 billion posted in the same period last year.
“We are again pleased by the sustained growth of our major business lines in the first quarter of 2012, riding on the crest of last year’s banner performance,” said ALI chief finance officer Jaime Ysmael.
Revenues from real estate and hotels increased by 18 percent to P11.77 billion, constituting the bulk of consolidated revenues, buoyed largely by continued growth in the property development and commercial leasing businesses.
Revenues from the residential segment reached P7.01 billion in the first three months, 21 percent higher than the same period last year, on the back of a 48-percent improvement in the value of bookings across the residential brands Ayala Land Premier, Alveo, Avida and Amaia.
Sales take-up value for the first three months of the year reached P19.3 billion, equivalent to an average monthly sales take-up of P6.44 billion—49 percent higher than the record P4.31 billion average monthly sales take-up achieved for the whole of 2011.
The company’s four residential brands launched a total of 2,693 units in the first quarter, with a total sales value of P11.3 billion.
Revenues from the sale of commercial and industrial lots declined by 11 percent in the first three months to P499 million due to lower commercial lot sales in Nuvali compared to last year.
Commercial leasing, which includes ALI’s shopping center and office leasing operations, posted total revenues amounting to P2.04 billion during the first three months, 21 percent higher than the level recorded in same period last year. Revenues from shopping centers rose by 27 percent to P1.39 billion.
Hotels and resorts grew revenues by 16 percent to P650 million in the first quarter of 2012 from P560 million in the same period last year largely due to better occupancy rates and revenue per available room.—Doris C. Dumlao