Ayala Land Q1 profit jumps 30% to P2.76-B

MANILA, Philippines – Property giant Ayala Land Inc. ended the first quarter of 2013 with a net income of P2.76 billion, up 30% from P2.13 billion in the same quarter of 2012, thanks mainly to strong residential sales.

In a statement released Wednesday, May 8, the company said its consolidated revenues grew 38% to P18.53 billion from P13.39 billion last year.

“We are pleased that we have sustained this quarter’s growth trajectory, even as we embarked on new land banking initiatives which further expand our geographical reach and will benefit Ayala Land in the long term,” said Antonino Aquino, company president and CEO.

“Demand for our products continues to be strong, as reflected in the bookings and sales take-up of our recent residential launches,” added Jaime Ysmael, Ayala Land’s CFO.

Ayala Land’s residential revenues went up 17% to P8.01 billion, on the back of a 33% improvement in the value of bookings across its brands.

Sales take-up in the first 3 months reached P19.2 billion, equivalent to an average monthly sales take-up of P6.4 billion, almost the same level as last year’s record P6.5 billion.

The company’s residential brands launched a total of 4,010 units, with total sales value of P10.1 billion.

Ayala Land’s other businesses also performed well.

Property development, which includes lot sales, recorded revenues of P12.11 billion, up 56% from P7.75 billion in the first quarter of 2012. Revenues from the sale of commercial and industrial lots surged 348% to P4.1 billion, driven by the sale of lots in the Food Terminal Inc. property.

The commercial leasing business, which includes shopping center and office leasing operations, posted revenues of P4.43 billion, 23% higher than the P3.61 billion recorded in the first quarter of 2012.

The hotels and resorts business ended the first 3 months with revenues of P1.21 billion, 86% higher than last year’s P650 million, largely due to the opening of new projects. Ayala Land now operates 1,294 internationally branded hotel rooms, 192 island resort rooms, and 515 hotel rooms under its own Seda brand. – Rappler.com