ALI earnings soar in 3 months

MANILA, Philippines — Ayala Land Inc. (ALI), the listed property giant, reported a first quarter net income of P4.5 billion, up 42 percent year-on-year.

Consolidated revenues came in at P30.9 billion, up 26 percent from a year ago, as residential demand remained resilient despite the prevailing higher interest-rate environment, the company said in a regulatory filing yesterday.

ALI president and CEO Bernard Vincent Dy said the company’s first quarter results set a solid foundation for its continued growth.

“All our business lines showed progress, demonstrating market stability in the property sector. We remain optimistic about the sustained expansion of our businesses this year, fueled by supportive economic drivers and the strength of the Philippine economy,” Dy said.

The company’s capital expenditures for the period totaled P19.5 billion to bolster its residential and commercial projects.

ALI spent 61 percent on residential projects, five percent on commercial leasing, eight percent on land acquisition, 15 percent on estate development, and one percent on other general uses.

Gross reservation sales reached P27.7 billion, up 15 percent from a year ago.

Revenue from property development increased by eight percent to P17.1 billion, driven by higher residential completions, bookings, and the sale of office units while residential revenues reached P14.2 billion, a 10 percent improvement on higher completion and net bookings.

Office-for-sale revenues, similarly, recorded a 43-percent growth from last year, owing to sales from One Vertis Plaza in Quezon City.

However, ALI’s revenues from commercial and industrial lots declined by 19 percent to P1.8 billion due to sales timing.

ALI plans to offer more commercial lots in the market in the following quarters.

In commercial leasing, revenues grew by 57 percent to P10.1 billion from higher occupancy and rental rates, buoyed by improving mall tenant sales, steady BPO demand, and a resurgence in travel.

Notably, hotel and resort revenues expanded by 164 percent to P2.2 billion as air travel and tourism recovered.