Ayala Malls contribute to strong first half for ALI
Ayala Land Inc (ALI) posted strong net earnings of P11.5 billion in the first half of the
year as the company focused on developing projects across its 22 estates nationwide.
ALI’s consolidated revenues reached P64.5 billion, 18 per cent higher during the same period last year, with revenues from real estate up 18 per cent to P60.5 billion.
While ALI’s property development business, which includes the sale of residential lots and units, office spaces, and commercial and industrial lots, accounts for more than half of its turnover, the company said is Ayala Malls operation also contributed to the growth.
“We’ve seen residential sales pick up in 2017, after a few years of relatively flat growth,” explained Bernard Vincent O. Dy, ALI president and CEO.
“Given our pipeline of launches for the balance of 2017, we remain positive that we can sustain the growth in the second half of the year. At the same time, our leasing business continues on its steady upward trajectory given the increasing contribution of our new shopping centers, offices and hotels.”
He said ALI remains on track in executing plans towards achieving its 2020 net income target of P40 billion.
During the first half of the year, the company launched the 200ha Evo City in Kawit, Cavite which is envisioned to become a new CBD in the area. It also opened an Ayala mall and its largest Seda hotel in Vertis North, an emerging estate located at Quezon City’s future central business district. And it introduced Ayala Land Premier’s Cerilo, an 85ha upscale residential community in its flagship sustainable estate, Nuvali, Laguna.
“Our sustainable estates serve as platforms for growth as we expand to new geographies across the country. Our latest estate, Evo City in Kawit, was well received by the market when we introduced its first residential project in May. We look forward to the launch of two more estates in 2017, Azuela Cove in Davao and Parklinks along C5 in Quezon and Pasig cities,” he added.