ALI net income soars 12% to 17.3 B in Q1

Property giant Ayala Land Inc. (ALI) reported a 12 percent growth in net income to P7.3 billion in the first quarter of 2019 while total revenues were up by 7 percent to 139.7 billion.

In a disclosure to the Philippine Stock Exchange, the firm said that growth was a result of the sustained performance of its property development business as well as a surge in commercial leasing revenues.

“We continue to experience consistent growth in all our business lines. Notable was the strength of our commercial portfolio as the asset build-up over the last few years moved the business forward,” said ALI President and CEO Bernard Vincent O. Dy.

He added that, “our development business also continues to grow in line with expectations, posting a healthy increase in reservation sales due the sustained demand from local and overseas Filipinos.”

Revenues from property development rose 4 percent to 126.1 billion from 125.2 billion in the first quarter of 2018. Sales reservations likewise grew 8 percent to 134.1 billion for the period.

ALI’s commercial leasing business, which includes the operation of shopping centers, offices, hotels and resorts, generated total revenues of 1 9.2 billion – a 19 percent improvement from 17.7 billion in the first quarter of 2018.

Revenues from shopping centers accelerated 14 percent to 15.1 billion from 14.5 billion due to the contributions of newly opened shopping centers as well as the strong performances of its malls in Makati City.

Office leasing revenues reached 12.2 billion, 27 percent higher than 11.7 billion in the same period in 2018 on the back of contributions of its newly opened offices.

Revenues from hotels and resorts reached 11.9 billion, a significant 25 percent growth from 11.5 billion with growing contributions from recently opened Seda hotels.