Property developer Ayala Land Inc. on Wednesday reported income rising 38 percent in the first nine months this year to P18.39 billion from only P13.34 billion a year ago, courtesy of a resilient residential market and vibrant consumer activity despite the ongoing macroeconomic challenges.
Consolidated revenue reached P98.9 billion, 15 percent higher than last year’s P86.31 billion.
In the third quarter alone, its income rose 33 percent to P7 billion from last year ’s P5.26 billion although revenue proved lower at only P32.9 billion from last year’s P32.97 billion.
“The strong performance of our various business lines in the first nine months of 2023 is a testament to the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges. This positive trend, guided by our new focus on quality, people, sustainability, and growth, will enable us to strengthen our diversified portfolio and further enhance earnings,” said company president and CEO Anna Ma. Margarita Bautista-Dy. “We will continue to focus on high-value market opportunities and meeting our operating targets to sustain our momentum for the year.”
During the period, the company grew its property development revenue by 4 percent to P57.2 billion on higher residential completion, stable bookings and office unit sales.
Residential revenue increased by 4 percent to P47.5 billion while office-for-sale revenue registered a 31 percent growth to P2.8 billion. Revenue from commercial and industrial lots totaled P6.9 billion, down 8 percent from last year.
Residential sales reservations rose 11 percent to P85.9 billion. Third-quarter sales reached P27.6 billion, adding to the P58.3 billion sales generated in the first half.
The business reported capital expenditures totaling P57.6 billion,. Of the amount, 54 percent was spent on residential projects, 9 percent on commercial projects, 18 percent on land acquisition, 17 percent on estate development and 2 percent for other purposes.
