Listed property giant Ayala Land Inc. said Monday net income attributable to equity holders in 2022 surged 52 percent year-on-year to P18.6 billion as real estate sales and hotel and resort earnings gained strongly on account of the easing of pandemic restrictions and the reopening of the economy.
The company reported a 19 percent growth in revenue to P126.6 billion, bolstered by increases in sales of residential developments, rental income, earnings from construction, and hotel and resort operations. Real estate sales last year increased to a total P116.4 billion from P96.1 billion in 2021.
Cost and expenses rose to P98.3 billion last year from P85.9 billion in 2021 on higher hotel and resort operations expense, manpower, utilities and tax payments.
