Property developer Ayala Land Inc. said Monday it posted a net income of P13.5 billion in the first half, up 18 percent from P11.5 billion it booked a year ago, boosted by the strong performance of its property development and a healthy contribution from the commercial leasing business.
Ayala Land said in a disclosure to the stock exchange revenues rose 25 percent in January to June to P80.4 billion from P54.5 billion a year earlier.
Revenues from property development, which includes the sale of residential lots and units, office spaces and commercial and industrial lots, jumped 27 percent to P58.3 billion from P46 billion.
Residential sales grew 31 percent to P50.1 billion, driven by new bookings and project completion across its various residential brands.
International sales were up 21 percent to P22.1 billion.
Sales reservations in the first half reached P72.0 billion, or 17 percent higher than a year ago. This translated into an average monthly take-up of P12 billion.
Sales from commercial and industrial lots also rose 16 percent to P3.87 billion from P3.34 billion a year earlier. This was due to the further strengthening of this segment in Arca South, Taguig; Azuela Cove in Davao; Ayala North Point in Negros Occidental; Alviera in Pampanga; and Cavite Technopark in Naic.
Commercial leasing also reported a 15-percent hike in first-half revenues to P16.9 billion from P14.7 billion in 2017, led by higher contributions from recently-opened malls in Vertis North and Cloverleaf, both in Quezon City, as well as The 30th and Feliz, both in Pasig.
The group also expanded its leasing footprint with recently opened hotels and resorts such as Huni in Sicogon, Iloilo and Seda Capitol Central in Bacolod City.
The company also recognized revenues of Malaysian unit MCT Bhd amounting to P4 billion in sales.
Ayala Land said it budgeted P48.4 billion in capital expenditures in the first half, of which 45 percent was allocated for the completion of residential developments, 15 percent for equity investments such as MCT Bhd and Prime Orion Philippines Inc., 25 percent for commercial leasing projects, 10 percent for land acquisition and 5 percent for the estates development.
Ayala Land said it was scheduled to open the 301-room Seda Hotel in Ayala Center Cebu and the 63-room Seda Hotel in Lio, Palawan in the second half.
The property firm is also set to complete two office developments, including the Ayala North Exchange Headquarters which has 20,000 square meters of office space and Vertis North Corporate Center 3 which with 38,000 sqm of office space.