MANILA, Philippines – Earnings of property giant Ayala Land Inc. in the first 9 months grew 30% from last year, largely on higher residential sales.
In a statement Thursday, November 7, Ayala Land said its net income rose to P8.60 billion in January-September 2013 from P6.62 billion in the same period of 2012.
Ayala Land is a unit of Ayala Corporation, led by the country’s 6th richest man Jaime Augusto Zobel de Ayala.
The company said its strong financial results put it on track to meeting its P10-billion profit target ahead of its 2014 goal.
Consolidated revenues went up 38% to P57.75 billion from P41.96 billion. The company’s revenues came from:
- Residential sales – P28.22 billion, up 23% year on year
- Commercial and industrial lot sales – P8.22 billion, up 416%
- Commercial leasing (shopping centers, offices, hotels and resorts) – P13.13 billion, up 22%
Ayala Land’s residential brands – Ayala Land Premier, Alveo, Avida and Amaia – launched a total of 12,196 units in the first 9 months, with total sales value of P51.07 billion. – Rappler.com
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