Property developer Ayala Land Inc. on Wednesday reported net income of P6.29 billion in the first three months this year, 39 percent more than previous year’s P4.51 billion, mainly the result of consumer activity and high demand on its properties.
Consolidated revenue grew 33 percent to P41 billion from previous year’s P30.9 billion.
“Our first-quarter performance reflects our commitment to delivering on our operational targets this year, focused on high-value market opportunities and our drive for quality,” company president and CEO Anna Ma. Margarita Bautista-Dy said.
“Anchored on the resiliency of the local property market and consumer activity, we look forward to executing our plans to support our growth aspiration for 2024,” she said.
Capital expenditures for the period total P18.8 billion of which half was spent on residential projects, 30 percent on estate development, 9 percent on land acquisition, 11 percent on commercial leasing projects and 1 percent on other purposes.
Property development revenue increased 47 percent to P25 billion, driven by robust residential and commercial lot bookings.
Residential revenue surged 51 percent to P21.4 billion and revenue from commercial and industrial lots jumped 59 percent to P2.8 billion.
Meanwhile, office-for-sale revenue fell 26 percent to P826 million as the lower incremental percentage of completion of the projects offset the sales bookings during the quarter.
Residential reservation sales totaled P33.3 billion, 20 percent higher than last year, led by the strong demand for products in the premium and vertical segments.
The quarter’s sales performance translate to monthly sales averaging P11.1 billion from P9.5 billion in 2023.
Leasing and hospitality revenue increased by 8 percent to P10.9 billion, due to higher mall occupancy, increased mall, office and hotel rental rates, and the contribution of new Seda hotel rooms at Manila Bay and Nuvali.
Shopping center revenue grew 9 percent to P5.5 billion while office leasing improved 5 npercent to P3.1 billion.
Hotel and resort revenues rose 8 percent to P2.3 billion.
