Property developer Ayala Land Inc. chalked up a net income of P15.06 billion in the first nine-months, up 17 percent from the same period last year on double digit growth in revenues from core businesses.
Ayala Land said in a disclosure to the stock exchange consolidated revenues in January to September reached P85.49 billion, an increase of 14 percent from P75.05 billion it a year earlier, driven by the sustained growth of the residential and office businesses and the strong performance of shopping centers.
“Our financial results continue to be positive and reflective of a buoyant real estate industry. New products introduced in our various estates in 2016 have started to contribute to our performance and are expected to help sustain our growth moving forward,” Ayala Land president and chief executive Bernard Vincent Dy said.
Sales from residential and office projects reached P84.32 billion in the nine-month period, up 2 percent from a year ago. This was equivalent to an average monthly sales take-up of P9.36 billion.
The property firm launched P49.2 billion worth of residential and office-for-sale projects in the past nine months.
Ayala Land focused on expanding its diverse property offerings within its current roster of 19 integrated mixed-use developments nationwide.
The company started developing One Ayala, a mixed-use complex with a first-of-its-kind intermodal transport hub at the corner of Ayala Avenue and Edsa. The project includes a 300-unit condominium-for-lease tower and a flagship 600-room Seda hotel to be built around a transport hub.
New projects were also launched at Circuit Makati, Bonifacio Global City and Arca South in Taguig City, Vertis North in Quezon City, Nuvali in Laguna and Vermosa in Cavite.
Development is underway for the 17.5-hectare Gatewalk Central in Mandaue City, Cebu while new projects are being constructed at Cebu IT Park, Capitol Central in Bacolod and Atria Park District in Iloilo.
The company’s first eco-tourism estate”•Lio in El Nido, Palawan”•is also slated to open a 42-room hotel in December.
