Property developer Ayala Land Inc. said Monday net income in the first quarter rose 18 percent to P5.56 billion from P4.71 billion in the same period last year, on solid performance of its property development, commercial leasing and services businesses.
Ayala Land said in a disclosure to the stock exchange first-quarter consolidated revenues increased 17 percent to P31.64 billion from P26.97 billion a year earlier.
Sales from property development went up 21 percent in the first quarter to P19.72 billion from P16.31 billion registered in the same period in 2016, while revenues from commercial leasing grew 9 percent to P7.05 billion.
Property sales take-up increased 10 percent to P27.3 billion, driven by the growing demand for residential and office-for-sale products.
“Our core businesses delivered strong results in the first quarter of 2017,” said Ayala Land president and chief executive Bernard Vincent Dy.
“Property sales have been encouraging and our commercial revenues continue to be on an upward trajectory. Given these positive results, we remain committed to launch over P100 billion worth of projects to support our targets for the year,” he said.
Ayala Land said to sustain the company growth, it would launch three estates this year, including the 200-hectare Evo City in Kawit, the 25-hectare Azuela Cove in Davao and the 35-hectare joint venture project with the LT Group between Pasig City and Quezon City.
“Estates provide the platform for our current and future growth. We look forward to introducing three new estates in high-growth areas this year and continue our programmed investments in our established and emerging estates across the country,” Dy said,
The company said to boost recurring income business, unit Ayala Malls will open six shopping centers this year. It is also slated to deliver 185,000 square meters of office space this year
