Metro Manila (CNN Philippines, August 5) — Ayala Land, Inc. (ALI) has reported a net income of ₱15.2 billion for the first six months of 2019, supported by an expansion in leases of mall and office space.
The real estate firm said in a disclosure to the Philippine Stock Exchange on Monday that the first-half profit was up by 12 percent from ₱13.5 billion last year. Total revenues hit ₱83.2 billion as of end-June, while it spent ₱49.5 billion to expand its residential and leasing assets.
“The positive macroeconomic environment in the first half of the year provided the growth platform for the company,” ALI said.
ALI is the real estate arm of diversified conglomerate Ayala Corporation.
Among ALI’s assets, Ayala malls generated ₱10.3 billion in profits, up 12 percent year-on-year as new establishments in Ayala Malls Feliz, Circuit Makati and Capitol Central contributed more leases. These added to “strong” revenues from Glorietta and Greenbelt malls in Makati, as well as Ayala Center Cebu.
Earnings from office leases jumped by a fourth to ₱4.6 billion, with stronger take-up in newly-opened commercial space at the Ayala North Exchange, Vertis North and Circuit Makati, the property developer said.
Hotels and resorts run by Ayala also enjoyed a 17 percent lift in profits to ₱3.7 billion.
The bulk of ALI’s revenues came from residential properties at ₱44.5 billion, which was 11 percent lower than its record for the same period last year. Mid-range condominium towers Avida and Amaia enjoyed double-digit increases in profits, although outweighed by the impact of the completion of ALI’s Ayala Land Premier and Alveo properties.
Sales from unit reservations steadied at ₱72.3 billion, 70 percent of which are from local buyers. Meanwhile, 17 percent of new sales came from foreigners, while the remaining 13 percent were purchases made by Filipinos working abroad.
ALI launched 13 new projects worth ₱19.5 billion during the 2019 first six months, with more to be rolled out the rest of the year. On deck are new estates in Tarlac and Batangas; the Alviera Country Club in Porac, Pampanga; and the just-launched Ayala North Exchange in Makati.
