Ayala Land, Inc. (ALI) reported a 55 percent growth in net income to P13.3 billion in the first nine months of the year as consolidated revenues increased 19 percent to P86.3 billion.

In a disclosure to the Philippine Stock Exchange, the firm said growth came as business and consumer activity accelerated under the Philippines' reopened economy.

In the third quarter, the company posted a net income of P5.3 billion, 107 percent higher year-on-year, while consolidated revenues reached P33.0 billion, 39 percent more than the same period last year.

"The acceleration in business and consumer activity during the period enabled us to generate significant earnings growth," said ALI President and CEO Bernard Vincent O. Dy.

He added that, "The demand for our residential products remained resilient and local consumption continues to be robust despite geopolitical and macroeconomic challenges. We believe the strength of our local market will provide the backbone to sustain the growth of our diversified real estate portfolio for the rest of the year."

ALI's property development revenues increased by 7 percent to P55.2 billion, led by commercial lot sales and construction progress in its residential projects. A total of P21.1 billion was recorded in the third quarter, a growth of 21 percent year-on-year.

For the first nine months, revenues from commercial lots hiked by 82 percent to P7.5 billion due to strong investor demand while residential revenues inched up 2 percent to P45.6 billion.

Office-for-sale revenues dropped 26 percent to P2.1 billion due to the completion of Alveo's Park Triangle Tower at BGC and moderate take-up on remaining inventory.

Despite higher interest-rate environment, the demand for ALI’s residential products remained resilient as the company recorded P77.3 billion in reservation sales, 10 percent more than last year. Third-quarter sales totaled P28.0 billion, 28 percent more year-on-year.

Sales from local Filipinos comprised 65 percent of the total, complemented by overseas Filipinos and other nationalities, with a 22 percent and 13 percent share, respectively.

Sales from overseas Filipinos and other nationalities surged by 58 percent and 51 perent, respectively. ALI launched eight new projects valued at P25 billion in the third quarter, bringing the total to 20 projects worth P60 billion as of September.

In commercial leasing, revenues accelerated by 64 percent year-on-year to P23.3 billion with the reinstatement of full mall rental rates, the contribution of new leasing spaces, and higher hotel room rates.

Revenues from shopping centers and hotels more than doubled to P11.2 billion and P3.9 billion, respectively, while revenues from office leasing gained 10 percent to P8.9 billion. In the third quarter, ALI posted commercial leasing revenues of P8.7 billion, a boost of 84 percent from the same period last year.