Premium property developer Ayala Land Inc. on Friday reported net income of P8.39 billion in the first six months, some 19 percent higher than last year’s P7.05 billion.
Consolidated revenues amounted to P50.61 billion, an increase of 10 percent, driven by sustained momentum of its real-estate businesses.
“Development continues in all our estates, with products in residential, shopping centers, offices and hotels on the rise. We are on track relative to our annual target, and we plan to sustain the momentum with new launches in the coming months,” Ayala Land President Bernard Vincent Dy said.
The company has thus far spent a total of P41.1 billion in capital expenditures, less than half of its budget for the year, for project construction and land acquisition.
Property development, which includes the sale of residential lots and units, and office spaces, as well as commercial and industrial lots, generated revenues of P31.85 billion in the first six months, 9 percent higher than the P29.30 billion reported in the same period last year.
Commercial leasing, which covers the operation of shopping centers, offices, hotels and resorts,
generated total revenues of P11.40 billion, 10 percent higher than the P10.36 billion last year.
Ayala Land’s wholly owned construction and property management units generated combined revenues of P19.9 billion, 37 percent higher than the P14.57 billion posted in the same period in 2014. “Building large- scale mixed-use developments that are strategically located in the country’s emerging growth centers will continue to be our focus,” the company said.
During the period, Ayala Land launched P54.85 billion worth of residential projects, even as its reservation sales grew by 8 percent, reaching a total of P52.47 billion.
Revenues from the residential segment reached P26.93 billion, 10 percent higher year-on-year, and driven by sustained bookings and project completion across all residential brands. Ayala Land Premier, the brand that caters to the higher segment of the market, posted revenues of P10.82 billion, 16 percent higher than the P9.30 billion posted in the same period in 2014, driven by bookings from its high-value horizontal projects.
Alveo contributed revenues of P6.9 billion, 22 percent higher year-on-year, driven by sales from Nuvali and higher bookings from residential building projects in Bonifacio Global City and in Makati City.
Avida posted revenues of P6.6 billion, 14 percent higher than the P5.78 billion posted last year, while Amaia generated revenues of P1.77 billion, 23 percent higher than the P1.44 billion generated last year.
BellaVita, the brand for the low-income segment, more than tripled its revenues to P167 million from P47 million in the same period last year, due to solid bookings generated by existing and new projects in
Tayabas, Quezon; General Trias, Cavite; and Alaminos, Laguna.
Revenues from shopping centers reached P6.01 billion, 9 percent higher year-on-year from P5.52 billion, due to the increased contributions of its mall in Fairview in Quezon City.
Revenues from office leasing reached P2.43 billion, 16 percent higher year-on-year from P2.1 billion, due to the contribution of new offices and the higher occupancy and average rental rates of existing offices. Revenues from hotels and resorts reached P2.96 billion, 8 percent higher year-on-year from P2.75 billion, due to improved revenue per available room performance of internationally branded hotels, its own Seda hotels, and El Nido Resorts in Palawan.
Revenues from construction reached P19.21 billion, 36 percent higher year-on-year from P14.1 billion, due to the increase in projects within the Ayala Land group. Revenues from property management reached P688 million, 45 percent higher year-on-year from P474 million, due to the increase in managed properties from completed projects.