MANILA, Philippines – Higher property sales lifted the net income of Ayala Land Inc. by 31% in the first quarter of the year.
Ayala Land, one of the country’s largest property developers, recorded a net income of P2.13 billion in the first quarter, versus P1.62 billion last year.
Revenues were up 17% at P12.39 billion, bulk of which came from the sale of residential units.
The company’s residential segment enjoyed a 21% growth in revenues to P7.01 billion as Ayala brands Ayala Premier, Avida and Amaia booked high double-digit growths in sales.
Rental revenues from shopping centers and office buildings also grew 21% to P2.04 billion.
Ayala Land said its hotels and resorts revenues meanwhile improved by 16% to P650 million due to better occupancy rates.
Ayala Land spent P8 billion for capital expenditures in the first quarter, 40% more than the P5.7 billion it disbursed in the same quarter of 2011. The amount was 22% of the company’s total capex budget of P37 billion this year. – Rappler.com