MANILA -- Ayala Land Inc. (ALI) booked a 17-percent increase in net income during the first nine months of the year, driven mainly by its residential and commercial leasing businesses.
ALI reported to the local bourse its profit reached PHP20.78 billion in January to September, higher than PHP17.8 billion during the same period last year.
Consolidated revenues also rose by 21 percent to P119.7 billion from PHP98.9 billion.
“We sustained our growth momentum in the third quarter as residential demand remained strong and our commercial assets registered double-digit increase in revenues,” ALI President and Chief Executive Officer Bernard Vincent O. Dy said.
For the third quarter alone, the company’s net income reached PHP7.2 billion, up 15 percent from PHP6.3 billion last year.
Meanwhile, ALI’s property development revenues increased by 23 percent to PHP82.8 billion in three quarters from PHP67.2 billion it posted last year.
Its commercial leasing business composed of shopping centers, offices, and hotels and resorts, generated total revenues of PHP25.3 billion, 14 percent higher than the previous year.
Revenues from office leasing reached PHP5.4 billion, while that of hotels and resorts business amounted PHP5.7 billion.
The company spent a total of PHP77.9 billion in capital expenditures in the first nine months of the year as it continues to build on its residential and commercial leasing projects and sustainable mixed-use estates nationwide. (PNA)
