Property giant Ayala Land Inc. saw its net earnings grow by double-digits in the first nine months of 2021 on the back of strong business operations despite the reimposition of stricter quarantine restrictions during the August to September period.
In a disclosure to the Philippine Stock Exchange on Wednesday, Ayala land reported a net income of P8.6 billion, up 35% year-on-year as consolidated revenues stood at P72.6 billion which grew by 15%.
“Our business recovery was sustained despite the reimposition of stricter quarantine measures last August. This was led by our residential business which continued to benefit from stable construction and sales this year,” said Ayala Land president and CEO Bernard Vincent Dy.
“We remain positive that with the reopening of the economy, business activity will gain momentum in the fourth quarter, especially for segments like our malls, hotels and resorts which broadly rely on increased mobility,” Dy said.
In the third quarter alone, the company posted net income of P2.6 billion, up 38% growth from the same quarter last year.
Driven by continuing construction progress and higher bookings, Ayala Land said its property development revenues rose 27% to P51.5 billion.
Sales reservations for the first nine months of 2021 also grew by 15% to P70.1 billion largely due to the strong sales performance earlier in the year.
Despite mobility restrictions during the third quarter, Ayala Land said it launched four new projects worth P13.0 billion, namely Ayala Land Premier’s Ayala Greenfield Estates 4C Tranche 1 in Calamba, Laguna and Lanewood Hills Phase 2 in Silang, Cavite; Avida’s Centralis Towers in Pasay City; and Amaia’s Steps Pasig Clara.
Ayala Land launched a total of 18 projects in the first nine months of this year with a combined value of P59.1 billion, significantly higher than full-year 2020 launches of P10.6 billion, as the company responded to stronger demand in the residential market.
Commercial leasing revenues were affected anew by the enhanced community quarantine in August, registering 18% lower at P14.2 billion.
While mall occupancy rates remained stable, revenues from shopping centers declined 35% to P4.9 billion given limited operations as well as ongoing rent discounts granted to support tenants, Ayala Land said.
Revenues from office leasing grew 5% to P7.5 billion as business process outsourcing and headquarter operations were steady throughout the period.
Meanwhile, hotels and resorts revenues ended 29% lower to P1.9 billion as resort operations were again further restricted, the company said.
Ayala Land’s capital expenditures reached P44.7 billion in the first nine months of 2021, with 54% allocated for residential projects, 16% for estate development, 14% for commercial projects, and 13% for land acquisition. — RSJ, GMA News
Ayala Land 9-month net income up 35% to P8.6B
Source: News Panda Philippines
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