By James Loyola
Ayala Land Inc. (ALI) posted an 18 percent growth in net income to P17.8 billion in the first nine months of 2017 with the consistent and strong performance of its diverse business units.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues registered at P98.9 billion, 16 ercent higher compared to the P85.49 billion posted in the same period in 2016.
“The company’s robust growth fuels its optimism and keenness to achieve its net income target of P40 billion in 2020,” ALI said.
Exceeding planned target levels, property sales reached P94.2 billion, 12 percent higher than the P84.32 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 P21.1 billion.
“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 Bernard Vincent O. Dy.
He added that, “moving forward, we remain committed to introducing market-responsive products that will better serve our customers and sustain the business results of the company.”
Total revenues from property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, amounted to P68.4 billion in the past nine months, 30 percent higher than the P52.6 billion reported during the same period in 2016.
Ayala Land’s recurring income businesses are likewise gaining ground and continue to grow its contributions. Shopping Centers posted revenues of P11.8 billion with its total Gross Leasable Area (GLA) increasing to 1.70 million sqm.
In addition, Offices contributed revenues of P4.47 billion and maintained its steady GLA growth to a total of 909,000 sqm as the business unit completed Circuit BPO Tower 2 and The 30th Corporate Center.
The company’s hotels and resorts business likewise churned revenues of P4.83 billion as it increased its number of rooms to 2,509 from 2,477 in the first half with the opening of new rooms in Balai Adlao, Lio and Balay Kogon in Sicogon.
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