ALI income up 14% to P4.7 B

MANILA, Philippines – Ayala Land Inc. (ALI), the real estate arm of the Ayala Group, reported a net income of P4.7 billion in the first quarter, 14 percent higher than the same period last year.

Consolidated revenues P26.97 billion, up eight percent year-on-year.

ALI president and CEO Bernard Vincent Dy said the company was able to sustain its business platform of developing large-scale integrated mixed-use estates, as well as building on the positive performance of its residential and commercial leasing businesses.

“ALI’s first quarter earnings remain positive and reflect the steady performance of our core business units. With the strong economic fundamentals of the country, we continue to expand in existing locations and prime up our emerging and new estates,” Dy said.

 During the period, the company was able to start of construction of the P19-billion Ayala Center mixed-use development at the corner of Ayala Avenue and EDSA where Hotel Intercon used to sit.

ALI also launched the new Avida Towers Sola in Vertis North, Quezon City following the favorable reception for the three-tower Avida Towers Vita in the business district. These resulted in increased revenues of P14.47 billion, 17 percent higher than the P12.36 billion posted in the same period last year, driven by bookings and project completion across all residential brands.

ALI made its foray in the Bicol region with Ayala Malls Legazpi, which expands its commercial portfolio by 29,000 sqm  to 1.45 million sqm of total shopping center gross leasable area.

Other newly opened malls such as Solenad 3 and UP Town Center continue to contribute to the revenues for the Shopping Centers which reached P3.61 billion, up 15 percent.

The company’s office business also expanded with the opening of BGC Corporate Center and the launch of Park Triangle Corporate Plaza — South Tower, both located in Bonifacio Global City.

According to ALI, revenues from the sale of office spaces reached P1.19 billion, posting a 35 percent growth.

Revenues from office leasing, reached P1.36 billion, 13 percent higher than the year ago due to the higher occupancy and average rental rates of existing buildings and the positive contribution of new offices.

ALI spent P23.4 billion for project and capital expenditures in the first quarter. More than half of the amount went to the completion of residential projects and commercial leasing projects. The rest of the amount went to new businesses and other investments.

To further support its growth plans, ALI raised P15 billion from the debt market, representing the first and second tranche of its approved P50 billion debt securities program to be issued over the next three years.