MANILA -- Ayala Land Inc. on Wednesday said its net income went up by 41 percent to P11.4 billion in the first half of 2023, amid consumer activity and the resilience of the property market.

Consolidated revenues reached P66 billion from January to June, up 24 percent from last year's numbers, the company told the Philippine Stock Exchange.

The company said residential sales reservations in the first six months increased by 18 percent year-on-year to P58.3 billion.

Commercial leasing revenues climbed by 39 percent year-on-year to P20.2 billion on the back of higher occupancy and rents. Shopping center revenues went up by 49 percent to P10.2 billion.

Office leasing revenues increased by 8 percent to P5.8 billion, while, hotel and resort revenues surged by 79 percent to P4.2 billion.

Ayala Land said their capital expenditure in the first half reached P38.7 billion, of which 55 percent was spent on residential projects.

Another 11 percent was allotted for commercial projects, while 15 percent was used for land acquisition, and 14 percent was spent on estate development.

Its subsidiary Ayala Land Logistics Holdings Corp., meanwhile, posted flat earnings in the first half of 2023 at P339 million, as a 9 percent slump in warehouse leasing offset small gains from the sale of industrial lots, cold storage revenue, and commercial leasing.

President and CEO Bernard Vincent Dy said they will capitalize on market opportunities to enhance their diversified portfolio in the second half of the year.

Ayala Land said its net income grew 42 percent to P4.5 billion in the first quarter of 2023.

• Ayala Land net income jumps 42 pct to P4.5-B in Q1

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