ALI earns 17% more to P6.5 B

Ayala Land Inc. (ALI) grew its net income by 17 percent to P6.52 billion in the first quarter as it raked in higher revenues.

Revenues rose 17 percent to P36.98 billion. Property development revenues alone grew 29 percent to P25.14 billion, driven mainly by residential revenues which surged 34 percent to P21.77 billion as local demand for property remained strong.

Commercial leasing revenues increased by 11 percent to P8.16 billion due to the increasing contribution of newly opened malls, offices and hotels and resorts.

ALI president and CEO Bernard Vincent Dy said the country’s sustained economic growth continued to push demand for residential products across all market segments.

The company launched this year its 25th estate, Parklinks, a 35-hectare mixed-use development along the C5 corridor.

“We continue to introduce more sustainable mixed-use estates in the country. These estates have proven to be effective platforms for our diverse product lines and provide the backbone to create business districts and progressive communities,” said Dy.

For malls, the company is scheduled to open five new shopping centers. These are One Bonifacio High Street, Ayala Malls Circuit Makati, Ayala Malls Capitol Central, The Shops at Ayala North Exchange and Ayala Malls Bay Area.

It is also slated to complete three new offices -- Vertis North BPO Tower, Ayala North Exchange, and Capitol Central Corporate Center, and 782 new rooms under its Seda hotels chain and 72 new rooms in Sicogon Island Resort in Iloilo.

The company set aside a capital expenditure of P111 billion for 2018, P26.7 billion of which or 41 percent was allocated for the completion of residential developments, 23 percent for equity investments such as MCT Bhd, a Malaysian property company and Prime Orion Philippines, 22 percent for commercial leasing projects, nine percent for land acquisition, and five percent for the development of estates.

“Our capex spend is on track as we complete projects and introduce new offerings in our estates. We remain positive and continue to execute on our growth plans,” Dy said.