Ayala Land profit jumps 25 pct to P7.1-billion in H1

ABS-CBN News

Posted at Aug 11 2014 03:39 PM | Updated as of Aug 12 2014 01:14 AM

MANILA, Philippines - Top property developer Ayala Land Inc. on Monday reported its earnings grew by 25 percent in the first half of 2014, driven by revenue growth in all its business segments.

In a disclosure to the stock exchange, ALI said it earned P7.1 billion in the January to June period, up 25 percent from P5.6 billion a year ago.

First-half revenues jumped 26 percent to P46.2 billion, driven by growth from property development, commercial leasing, hotels and resorts, construction and property management.

"We have been consistent in the execution of our planned projects, and we are making sure that we continue to build integrated estates that will generate economic growth in more areas," ALI president and CEO Bernard Vincent O. Dy said.

For its property development business, ALI reported 28 percent higher revenues to P29.3 billion. This includes sale of residential lots and units, office spaces, as well as commercial and industrial lots. The bulk came from the residential business, which reported a 40 percent increase in revenues to P24.3 billion, due to strong bookings and project completions.

Sales take-up for ALI residential products reached an all-time high of P48.5 billion, as the company launched 5,525 units in the first six months of 2014. Ayala Land Premier saw revenues surge nearlt 60 percent to P9.8 billion, driven by bookings in Soliento, Luscara and Elaro in NUVALI, and high-value condominium units such as Park Terraces and Garden Towers in Makati, East Gallery Place and The Suites at Bonifacio Global City.

Alveo and Avida posted P5 billion and P5.8 billion in revenues, while Amaia recorded revenue growth of 47 percent or P1.4 billion. BellaVita more than doubled its revenues to P46.7 million.

Meanwhile, Ayala Land's shopping centers, office and hotels and resorts operations registered 22 percent increase in total revenues to P10.4 billion in the first half.

"We are giving our commercial business a steady push with new offerings in retail, offices, hotels, and even healthcare. Apart from completing our estates by providing a balanced mix of places for work and leisure, it aligns us to our objective of creating business and employment opportunities for more people," said Dy.

Revenues from Ayala malls rose by 10 percent to P5.5 billion in the January to June period, while office leasing operations saw revenues jump 31 percent to P2.1 billion.

ALI's hotels and resorts business also reported strong revenues of P2.8 billion, 48 percent higher than a year ago, driven by new hotels and resorts.

On the other hand, ALI's construction and property management companies generated combined revenues of P14.6 billion, 39 percent up from a year ago.