Ayala Land Q1 earnings up 25%

MANILA, Philippines – Property giant Ayala Land Inc. earned P3.46 billion in the first quarter of the year, 25% more than what it booked the previous year. The company said all its business units performed strongly during the period.

“The solid performance of each of our business units contributed to ALI’s over-all earnings,” said Ayala Land president and CEO Bobby Dy. “We expect sustained growth to be driven by continuous development in our mixed-use estates as we further enhance our residential, shopping center, office, and hotels and resorts offerings.”

Revenues from property development, which included the sale of residential lots and units, office spaces, as well as commercial and industrial lots, reached P13.47 billion in the first 3 months, up 12% year on year.

Revenues from the residential business grew 36% to P11.02 billion. Fueling growth were projects of Ayala Land’s 5 residential brands, including Ayala Land Premier’s Garden Towers at Makati, Alveo Land’s Verve at Bonifacio Global City, Towers 3 and 4 of Avida Centera at Mandaluyong, Amaia Steps NUVALI, and BellaVita Alaminos, among others.

Combined revenues from shopping centers, office and hotels and resorts operations amounted to P5.28 billion, 29% higher than last year.

During the March quarter, Ayala Land introduced QualiMed, its own brand of healthcare. It plans to build clinics and hospitals in its major developments such as the Altaraza, a 98-hectare township in San Jose Del Monte, Bulacan. – Rappler.com