Ayala Land Inc., a major property developer, posted a net income of P12.8 billion in the first nine months of 2016, up 19 percent from P10.79 billion year-on-year, as the company accelerated growth through acquisitions and new project launches.
Ayala Land said in a statement,consolidated revenues in the nine-month period reached P75.1 billion, up 10 percent from P68.3 billion on-year.
“Our nine-month earnings affirm the consistent and balanced performance of our key business lines which we plan to expand at a steady pace,” Ayala Land president and chief executive Bernard Vincent Dy said.
“Our priority is still the continuous development of our integrated mixed-use estates all over the country. Through the company’s more established estates, such as Makati, Bonifacio Global City, Cebu Park District, and in recent years, Nuvali, we have seen these developments contribute positively to the local economy,” he said.
Ayala Land launched three estates during the period, namely Cloverleaf in Quezon City, Capitol Central in Bacolod City and the 700-hectare Vermosa in Cavite province.
The company in August won the contract to build and operate the Integrated Transport System South Terminal project adjacent to its fast-rising residential and business district—Arca South.
The 35-year concession agreement for the infrastructure project includes the operation of commercial leasing facilities within the 5.57-hectare property.
It also recently agreed to subscribe to 2.5 million common shares, or equivalent to a 51.6-percent interest, in Prime Orion Philippines Inc. upon completion of a due diligence. POPI operates the highly commercial Tutuban complex in Manila.
“We try to invest in projects that benefit a larger population such as commercial complexes that are connected to public transport systems, where there is opportunity to provide better access to their needs,” said Dy
Meanwhile, Ayala Land reported that revenues from real estate amounted to P70.2 billion, sustained by the stable performance of the company’s property development, commercial leasing and services businesses.
Revenues from the residential and office for sale segment reached P40 billion, up 10 percent on-year, driven by sustained bookings and project completion across all residential brands.
Sales from shopping centers rose 12 percent to P9.2 billion on the increased increasing of Fairview Terraces and UP Town Center, as well as the higher occupancy and average rental rates of existing malls.
Revenues from hotels and resorts reached P4.3 billion, up 7 percent from P4 billion on-year, due to improved revenue per available room performance of the company’s internationally branded hotels, its own Seda hotels and El Nido Resorts.
The average occupancy rate of hotels stood at 74 percent, while that of resorts registered at 58 percent. The company has 2,324 rooms in its hotels and resorts portfolio.