MANILA – Property giant Ayala Land Inc. posted a P3.46 billion net income in the first three months of 2014, a 25 percent growth compared to P2.76 billion registered in the same period last year.
Ayala Land president and chief executive Bobby Dy attributed the growth to the strong performance of all its business units.
Dy said the firm expects sustained growth to be driven by continuous development in its mixed-use estates.
“We look forward to serving more people as we continue our push for expansion,” he added.
Property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, posted revenues of P13.47 billion in the first quarter, an increase of 12 percent from the P12.06 billion reported during the same period last year.
Residential business revenues also grew by 36 percent to P11.02 billion in the first quarter.
Meanwhile, combined revenues for shopping centers, office and hotels and resorts operations reached P5.28 billion in the first quarter, 29 percent higher than the P4.09 billion recorded in the same period in 2013.
Ayala Land recently opened Fairview Terraces in Quezon City which also houses Wellworth, the developer’s first department store venture in partnership with the Rustan’s group.
Dy said the new venture adds an estimated 57,000 square meters of leasable space to Ayala’s portfolio of malls.
"[Wellworth] supports our plan to grow the recurring revenue-generating side of the business,” he added.
Ayala Land also saw revenue growth in its office leasing operations and hotels and resorts business in the first quarter of 2014.