Ayala Land nets P3.46B in first quarter
Screengrab from www.ayala.com.ph
MANILA, Philippines — Ayala Land Inc. grew its first quarter net profit by 25 percent year-on-year to P3.46 billion on the back of a double-digit expansion in earnings across its property development, commercial leasing and services business.
“The solid performance of each of our business units contributed to ALI’s over-all earnings,” Bernard Vincent-Dy, ALI president and CEO, said in a press statement on Tuesday. “We expect sustained growth to be driven by continuous development in our mixed-use estates as we further enhance our residential, shopping center, office, and hotels and resorts offerings.”
“We look forward to serving more people as we continue our push for expansion,” he added.
Property development, which includes the sale of residential lots and homes, office spaces, as well as commercial and industrial lots, reported revenues of P13.47 billion in the first three months of 2014, 12 percent higher than the level in the same period last year.
Revenues from the residential development business alone grew by 36 percent in the first quarter year-on-year to P11.02 billion. Ayala Land Premier’s Garden Towers at Makati, Alveo’s Verve at Bonifacio Global City, Towers 3 and 4 of Avida Centera at Mandaluyong , Amaia Steps NUVALI and BellaVita Alaminos, among others, contributed to revenues, the company reported.
Article continues after this advertisementCombined revenues from shopping centers, office and hotels and resorts operations amounted to P5.28 billion during the first three months, 29 percent higher than the level a year ago.
Article continues after this advertisementFrom shopping centers alone, revenues rose by 16 percent year-on-year to P2.84 billion. Lease rate stood at a monthly average of P1,163 per square meter while occupied gross leasable area (GLA) was up by 11 percent year-on-year.
“We recently opened Fairview Terraces in Quezon City which also houses Wellworth, our first department store venture in partnership with the Rustan’s group. This adds about 57,000 square meters of leasable space to our portfolio of malls and supports our plan to grow the recurring revenue- generating side of the business,” said Dy.
Other business segments performed in the first quarter year-on-year as follows:
• Wholly owned Makati Development Corp. and Ayala Property Management Corp. grew combined revenues by 62 percent to P7.54 billion;
• Office leasing operations boosted revenues by 49 percent to P1.06 billion; and
• Hotels and resorts business grew by 47 percent to P1.37 billion, driven by improved performance of new hotels and resorts; revenue per available room (REVPAR) for hotels was P3,906 while REVPAR for resorts was P8,065.
As the latest addition to its hotel portfolio, a 150-room Seda Hotel NUVALI with lake-side views and easy access to shopping and outdoor sports facilities opened to the public in March. Seda, ALI’s homegrown boutique hotel brand, earlier opened facilities in Bonifacio Global City, Centrio Cagayan de Oro, and Abreeza Davao. Seda also embarked on its first master-planned, eco-tourism estate in Lio, a 325-hectare mixed-use development at El Nido, Palawan.
Another key development for ALI in the first quarter was the introduction of “QualiMed,” its own brand of healthcare facility which set up its first clinic at Trinoma. ALI and its partner, the Mercado medical group, plans to invest over P5 billion to build a chain of hospitals and satellite clinics in the next five years under this new healthcare brand.
Within the period, it also broke ground for residential offerings by Avida and Amaia, and the QualiMed general hospital which are all major components of Altaraza, ALI’s 98-hectare township in San Jose Del Monte, Bulacan.
RELATED STORY
