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By Likha C. Cuevas-Miel, Reporter
AYALA Land Inc.(ALI) announced on Wednesday that
its first-quarter profit jumped on the back of higher revenues from
its residential and construction businesses.
ALI disclosed that its net income for the period
grew by 42 percent to P1.83 billion year on year as consolidated
revenues climbed by 28 percent to P8.23 billion. Operating revenues
also increased by 34 percent to P7.08 billion on the back of strong
growth from both residential and construction businesses.
Its other segments like shopping centers,
corporate business and strategic land bank management also helped
lift revenues, “more than offsetting the decline in equity in net
earnings and other income.”
Besides higher operating revenues, ALI also
registered higher interest and investment income as it sold shares
in three subsidiaries to competitor Megaworld Corp. The sale of
Piedmont Property Ventures, Inc., Stonehaven Land Inc. and
Streamwood Property Inc. more than doubled ALI’s pre-tax gains to
P762 million at end-March. Last year, it earned P332 million by
selling Makati Property Ventures, the operator of Oakwood serviced
apartments.
Residential development accounted for 42 percent
or P3.5 billion of total revenues, followed by support businesses at
25 percent or P2 billion. Shopping malls contributed 13 percent or
P1 billion of total revenues while corporate business generated 3
percent or P272 million. Strategic land bank management contributed
3 percent or P210 million, followed by Visayas-Mindanao with P22
million or less than 1 percent. The balance of 14 percent came from
ALI’s interest and other income.
Residential revenues grew 19 percent to P3.5
billion, as middle-income developers Community Innovations (CII) and
Avida posted double-digit growth rates of 25 percent and 37 percent,
respectively. Despite the US economic slowdown, Ayala Land
Premier’s (ALP) revenues still rose by 9 percent to P1.7 billion
Shopping centers generated revenues of P1
billion, 6 percent higher than a year ago as average building
occupancy rate stood at 92 percent even with the growth in gross
leasable area to 886,000 from 678,000 square meters in the same
three-month period last year. However, this was offset partially by
the closure of Glorietta 2 and Park Square 2 in the fourth quarter
last year.
Revenues from ALI’s corporate business grew by
17 percent to P272 million with the sale of three hectares at Laguna
Technopark’s expansion phase, higher office occupancy and average
rental rates and higher fee income from managed buildings.
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