RLC, Ayala Land posted double-digit net profit growth as of Sept.
Riding on the growing domestic economy, two of the country’s largest property developers posted a double-digit growth in net profit in the first nine months.
Ayala Land Inc. (ALI) grew its nine-month net profit by 12 percent year-on-year to P23.2 billion as steady revenues from real estate development were complemented by higher earnings from the expanding shopping mall, office and hotel portfolio.
Robinsons Land Corp. (RLC) also posted a 12-percent increase in its consolidated nine-month net income to P7.31 billion on the back of a double-digit rise in earnings from rental portfolio and residential development.
For ALI, growth was driven primarily by real estate revenues which rose by 2 percent year-on-year to P119.7 billion in the first nine months. This was attributed to higher office, commercial and industrial lot sales and further boosted by the improving performance of new leasing assets.
“Third quarter financial results were in line with our expectations, following a similar pattern to what we have seen in the first half of the year. We, however, launched more developments during the period, which we anticipate will help us finish strong in 2019 and provide positive momentum in 2020,” ALI president Bernard Vincent Dy disclosed to the Philippine Stock Exchange on Tuesday.
On the other hand, RLC’s consolidated revenues for the nine-month period surged by 40 percent year-on-year to P31.18 billion as the company started to realize revenues from its Chengdu Ban Bien Jie project in mainland China in the third quarter.
Article continues after this advertisementThe real estate development portfolio contributed 53 percent of the business and saw a significant revenue growth of 78 percent, driven mainly by the China project as well as RLC’s domestic residential businesses.
“This validates the company’s commitment to deliver earnings growth across all business segments we participate in. We continue to work towards improving future results for our shareholders”, RLC president and CEO Frederick Go said.
