Ayala Land nets P3B, up 14%

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Ayala Land Inc.   said profit in  first quarter of the year reached P3.2 billion, up 14 percent from P2.8 billion.

Revenues hit P24.6 billion, flat from last year’s.

The company said the flat topline reflects “the slight contraction in property development and the resurgence in commercial leasing during the period.”

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“Factoring out the sale of its stake in Qualimed to Ayala Corp. in the first quarter of 2021, revenues and net income grew 6 percent and 77 percent, respectively,” ALI said.

Revenues in the property development hit P15.9 billion, down 2 percent from P16.2 billion last year.

Commercial leasing revenues hit P6.4 billion, up 26 percent from P5.1 billion, as it benefitted from the reopening of the economy.

“The greater mobility in the 1st quarter resulted in an immediate positive impact on our overall business. Notable was the turnaround and higher customer patronage of our malls, hotels, and resorts,” said Bernard Vincent Dy, Ayala Land president.

“We expect the positive trend to continue as the health crisis abates, people increasingly return to their pre-pandemic consumption patterns, and business and leisure travel gain momentum.” he added.

Ayala Land said it will spend P14 billion as capital expenditures for the year, mainly for residential developments, followed by commercial leasing assets.

It remains confident of the property market and is poised to launch P100 billion worth of residential inventory this year, equally split between horizontal and vertical offerings.

The company is set to introduce four master-planned estates in the country to increase its presence, add new products for communities and businesses, and support the economy’s reopening.

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