Ayala Land profit rises 13% to ₱33 B

Published February 14, 2020, 12:00 AM

by manilabulletin_admin


Property giant Ayala Land, Inc. reported a 13 percent growth in net income to ₱33.2 billion last year while total revenues improved 2 percent to ₱168.8 billion.

In a disclosure to the Philippine Stock Exchange, ALI said the increase in earnings and revenues were driven by office, and commercial and industrial lots sales, and supported by higher contributions from new leasing formats.

Property development revenues reached ₱117.6 billion while sales reservations amounted to ₱145.9 billion, 3 percent higher than last year as ALVEO and Avida brands registered growth in reservations.

Meanwhile, newly opened malls, offices and hotels drove the expansion in commercial leasing revenues which increased 13 percent to ₱39.3 billion.

Shopping center revenues grew 11 percent to ₱22 billion on the back of increased contributions from Ayala Malls Feliz, Capitol Central and Circuit Makati.

ALI opened three new shopping centers during the year with a total gross leasable area (GLA) of 213 thousand square meter (sqm), increasing its malls footprint to 2.12 million sqm.

Office revenues totaled ₱9.7 billion, a 12 percent uplift from the improved performance of office assets in Ayala North Exchange, Vertis North, and Circuit Makati.

Total office GLA reached 1.17 million sqm from the completion of Ayala North Exchange BPO Tower, Manila Bay BPO Tower and Central Bloc Corporate Center 1 in Cebu.

Meanwhile, revenues from hotels and resorts advanced 19 percent to ₱7.6 billion on strong patronage of Seda Ayala Center Cebu and Seda Lio. A total of 797 rooms were opened to the public this year bringing total hotel and resort rooms to 3,705.