Property developer Ayala Land Inc. (ALI) said its first-half net income grew 15 percent to P13.1 billion, boosted by strong revenues from residential and mall businesses.
ALI said in a disclosure to the stock exchange Wednesday sales from property development increased 34 percent to P51.9 billion, on higher residential and commercial lot bookings.
“Ayala Land is hitting its growth targets across all business lines and market segments. Residential sales outperformed expectations. We will continue to pursue our growth trajectory with a keen eye on capital efficiency,” said ALI president and chief executive Anna Ma. Margarita Bautista-Dy.
“We are reinventing our assets to deliver elevated and differentiated experiences to our customers, and we will continue to bring compelling and market-shaping residential offerings to Filipino homeowners,” she said.
Residential revenues rose 40 percent to P43.7 billion, while sales from commercial and industrial lots improved 19 percent to P6.3 billion. Office-for-sale revenues declined 15 percent to P1.8 billion.
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