MANILA -- Property giant Ayala Land Inc. (ALI) grew its profit by 18 percent in the first nine months of 2017, driven by strong residential sales.
ALI told the local bourse its net income reached PHP17.8 billion in January to September from PHP15.08 billion during the same period last year.
Consolidated revenues posted at PHP98.9 billion, up 16 percent from PHP85.49 billion. The company’s robust growth fuels its optimism and keenness to achieve its net income target of PHP40 billion in 2020.
“We have seen a marked increase in our residential property sales in the first three quarters of 2017. Together with the continued build-up of our leasing assets, this has led to a strong top and bottom line growth for the company,” said ALI president and Chief Executive Officer Bernard Vincent O. Dy.
Exceeding planned target levels, property sales reached PHP94.2 billion, 12 percent higher than the PHP84.32 billion it reported in the same period last year.
Driven by the expansion of its commercial business, combined revenues from shopping centers, offices, hotels and resorts grew by 10 percent to PHP21.1 billion.
ALI has 23 sustainable estates nationwide, 14 of which are outside Metro Manila.
Total revenues from property development, which include the sale of residential lots and units, office spaces, as well as commercial and industrial lots, amounted to PHP68.4 billion in first nine months, up 30 percent from PHP52.6 billion last year.
It launched PHP53.9 billion worth of residential and office for sale projects in January to September. (PNA)