Ayala Land 1st half profit up 16%

MANILA, Philippines – Ayala Land Inc. (ALI) reported a 16-percent hike in its first half net income on steady growth of its different business segments.

 In a disclosure to the Philippine Stock Exchange yesterday, ALI said net earnings rose to P9.74 billion on the back of an eight percent rise in revenues to P54.76 billion.

Property development, commercial leasing, and services grew eight year-on-year to P51.45 billion, driven by the expansion of its large mixed-use estates in key growth areas nationwide.

“Our established estates drove our performance, alongside increasing contributions from similar mixed-use developments that we’ve launched over the last five years,” said ALI president and CEO Bernard Vincent Dy.

 “In the first half of 2016, we also introduced new residential products, opened new malls and offices, and broke ground on additional leasable assets in line with our objective of balancing our development and recurring income portfolio,” Dy added.

Among its ongoing developments include Circuit Makati, Arca South in Taguig, Vertis North and Cloverleaf in Quezon City, Vermosa in Cavite, Altaraza in Bulacan, Alviera in Pampanga, Atria Park District in Iloilo City and Capitol Central in Bacolod City.

“We are also focusing on sustainability and making sure we have estates that serve not only today’s market, but the next generation of consumers as well,” he added.

ALI recently launched key residential projects such as Ayala Land Premier’s Park Central Towers, Alveo’s Callisto and Avida’s One Antonio, all located in Makati City.

In the Makati Central Business District, ALI has started to build a P19-billion modern mixed-use and transport-oriented development in the Ayala Center.

Revenues from property development, which includes the sale of residential lots and units, and office spaces, as well as commercial and industrial lots, reached P33.66 billion, six percent higher than the previous year.

Commercial leasing, which covers the operation of shopping centers, offices, and hotels and resorts, registered P12.76 billion in revenues, up 12 percent year on year.

The company spent a total of P43.35 billion for project and capital expenditures during the first semester.