MANILA – Ayala Land Inc. (ALI) grew its net income to PHP6.52 billion in the first quarter of 2018, up 17 percent from the same period in 2017.
Total revenues also increased by 17 percent to PHP36.98 billion due to the substantial growth of property development and the sustained performance of commercial leasing.
Property development revenues grew 29 percent to PHP25.14 billion driven mainly by residential revenues which surged 34 percent to PHP21.77 billion.
This was well supported by strong local demand for property which fueled reservation sales to increase by 16 percent to PHP31.5 billion.
Meanwhile, commercial leasing revenues grew 11 percent to PHP8.16 billion due to the increasing contribution of newly opened malls, offices and hotels and resorts.
“With the sustained economic growth of our country, demand for residential products across all market segments remained strong in the first quarter of this year. Our leasing businesses also continued their steady increase in contribution, as recently opened malls and offices stabilize and start making an impact to our bottom line,” said ALI President and Chief Executive Officer Bernard Vincent Dy. (PR)
