ALI net income rose 19% to P8.4 billion in H1

Property giant Ayala Land Inc. (ALI) reported its profit surged by 19 percent in the first semester of 2015 on the back of strong earnings from its property, commercial leasing and services.

ALI’s net income reached P8.39 billion in January to June, from P7.05 billion during the same period last year.

Consolidated revenues reached P50.61 billion, up by 10 percent, driven by the sustained momentum of its real estate businesses earning P47.43 billion.

ALI President and Chief Executive Officer Bernard Vincent Dy attributed the higher earnings to the strong performance of its different business units.

“Development continues in all our estates, with products in residential, shopping centers, offices and hotels on the rise. We are on track relative to our annual target and we plan to sustain the momentum with new launches in the coming months,” he said.

Property development, which includes the sale of residential lots and units and office spaces, as well as commercial and industrial lots, posted revenues of P31.85 billion in the first six months of 2015, up 9 percent from P29.30 billion last year.

ALI launched P54.85 billion worth of residential projects in the first six months of 2015. The revenue of commercial leasing, which covers the operation of shopping centers, offices and hotels and resorts, grew by 10 percent to P11.40 billion.

“Building large scale mixeduse developments that are strategically located in the country’s emerging growth centers will continue to be our focus,” Dy said. “Our residential brands continue to introduce new offerings within our estates.”