Ayala Land income up 18% in January-September period

AYALA Land Inc. (ALI) said its net income grew 18 percent during the nine months of the year to P17.8 billion, from last year’s P15.06 billion on strong performance of its business units.

Consolidated revenues reached P98.9 billion, 16 percent higher compared to the P85.49 billion last year.

“The company’s robust growth fuels its optimism and keenness to achieve its net-income target of P40 billion in 2020,” the country’s second-largest property developer said. Property sales reached P94.2 billion, which is 12 percent higher than the P84.32 billion last year. ALI credits the increase to the expansion of its commercial business, combined revenues from shopping centers, offices, hotels and resorts that grew by 10 percent to P21.1 billion.

“Moving forward, we remain committed to introducing market-responsive products that will better serve our customers and sustain the business results of the company,” said Bernard Vincent O. Dy, the company’s president and CEO.

The company has 23 estates nationwide, 14 of which are outside Metro Manila.

It has so far launched Evo City in Cavite and Azuela Cove in Davao, and is poised to introduce Seagrove in Lapu-Lapu City, Cebu, this month to complete this year’s offerings.

The company’s emerging estates, including those in Central and Southern Luzon, the Visayas and Mindanao, continue to gain traction in terms of contribution to overall income, ALI said.

These now account for 42 percent of total contributions boosting income from mature estates like in Makati, Cebu Business District, Bonifacio Global City and Nuvali.

Total revenues from property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, amounted to P68.4 billion in the past nine months, 30 percent higher than the P52.6 billion reported during the same period in 2016.

It launched P53.9 billion worth of residential and office for sale projects in the past nine months of 2017.