Cebu Holdings Inc. (CHI), the Ayala Group’s main developer in Cebu City, saw its net income climb in the first nine months of 2015, on the back of real estate sales and rental income on malls, offices, and land leases.
CHI’s January-September 2015 net income went up by 31.5 percent to P530 million from P403 million in the same period of 2014.
Consolidated revenues surged 37 percent to P2.1 billion from P1.6 billion in the same nine months of 2014.
“The improvement in consolidated revenue was mainly on the account of sale of commercial lot at Cebu Business Park, higher leasing from Ayala Center Cebu and eBloc Towers, and interests and other income,” the company said in its quarterly report.
The company’s operating revenues also increased by 40 percent to P1.83 billion from P1.31 billion.
“This year’s revenues  were derived from sale of a commercial lot, rental income from Ayala Center Cebu, the Walk and eBloc Towers, sale of residential lots in Amara, sale of condominium units and interests and other income,” CHI said.
In terms of rental income, the company’s subsidiaries Ayala Center Cebu, Cebu Leisure Company Inc., and CITP Land Lease had an average revenue growth of 11 to12 percent.
Its real estate income from selling housing units likewise improved on positive performances of its projects Amara, Park Point Residences, and Avida Riala Tower.
CHI is 50.84-percent owned by Ayala Land Inc. (ALI), a subsidiary of conglomerate Ayala Corp.
CHI is also 49.03-percent owned by Mermac Inc., and 10.18-percent held by Mitsubishi Corp.