Ayala Land posts P12.8-B net income Jan-Sept
MANILA, Philippines – Ayala Land Incorporated registered an increase of 19% in its net income in the first 9 months of 2015 – or P12.8 billion ($270.76 million) from P10.79 billion ($228.25 million) – as the company accelerated growth through acquisitions and new project launches.
In a statement on Monday, November 9, Ayala Land said consolidated revenues from January to September reached P75.1 billion ($1.59 billion), up 10% versus the P68.3 billion ($1.44 billion) that was posted in the same period in 2014.
Ayala Land also reported that revenues from real estate amounted to P70.2 billion ($1.48 billion), sustained by the stable performance of the company’s property development, commercial leasing, and services businesses.
Revenues from the residential and office-for-sale segment hit P40 billion ($845.98 million), 10% higher year-on-year, driven by sustained bookings and project completion across all residential brands.
Sales from shopping centers also grew 1% to P9.2 billion ($194.58 million) due to the increasing contributions of Ayala Fairview Terraces and UP Town Center, as well as the higher occupancy and average rental rates of existing malls.
Its hotels and resorts unit booked revenues of P4.3 billion ($90.97 million), 7 times higher year-on-year from P4 billion ($84.62 million) on the back of improved revenue per available room performance of the company’s internationally branded hotels, its own Seda hotels, and El Nido Resorts.
Average occupancy rate of hotels registered at 74%, while resorts registered at 58% during the period. The company has 2,324 rooms in its hotels and resorts portfolio.
Ayala Land president and CEO Bernard Vincent Dy said the property firm's 9-month earnings affirm the consistent and balanced performance of its key business lines "which we plan to expand at a steady pace."
Dy added that the company's priority is still the continuous development of its integrated mixed-use estates all over the country.
"Through the company’s more established estates, such as Makati, Bonifacio Global City, Cebu Park District, and in recent years, Nuvali, we have seen these developments contribute positively to the local economy," Dy said.
Dy said Ayala Land also tries to invest in projects that benefit a larger population such as commercial complexes that are connected to public transport systems, "where there is opportunity to provide better access to their needs."
In August, the company also won the government’s bid to build and operate the Integrated Transport System South Terminal project adjacent to its rising residential and business district, Arca South, in Taguig City. The 35-year concession agreement for the project includes the operation of commercial leasing facilities within the 5.57 hectare property.
Ayala Land also recently agreed to subscribe to 2.5 million common shares or 51.6% interest in Prime Orion Philippines Incorporated upon completing due diligence. POPI operates the Tutuban commercial complex in Manila. – Rappler.com