Ayala Land income up 17% in nine months

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Metro Manila (CNN Philippines, November 6) — Property developer Ayala Land Inc. (ALI) on Tuesday reported a 17-percent increase in net income in January to September, citing strong earnings from its real estate and commercial projects.

In a disclosure, ALI said it posted a net income of ₱20.78 billion supported by a 21 percent increase in revenues to ₱119.7 billion.

"We sustained our growth momentum in the third quarter as residential demand remained strong and our commercial assets registered double-digit increase in revenues," Bernard Vincent Dy, ALI president and chief executive officer, said in a statement.

The company said revenues from its property development went up by 23 percent to ₱82.8 billion year-on-year, while revenues from its office spaces reached ₱6.9 billion or 2 percent higher than that of the same period last year.

It also earned ₱25.3 billion from its commercial leasing business or 14% higher than the previous year.

Revenues from office leasing also increased by 13 percent to ₱5.4 billion while revenues attributed to its hotels and resorts business went up by 17 percent to ₱5.7 billion.

Reservation sales grew by 15% to ₱108.4 billion, equivalent to an average monthly take-up of ₱12 billion during the period.

The company said it spent a total of ₱77.9 billion in capital expenditures in the first three quarters of 2018 for its property development nationwide.