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MANILA - Ayala Land Inc. on Friday said its first-half profit grew by 28 percent year-on-year as revenues increased by nearly a fifth.
In a statement, ALI said it ended the first six months of the year with a net income of P4.33 billion, higher than the P3.38 billion in the same period last year.
Revenues hit P25.02 billion, or 18 percent more than the P21.25 billion a year ago. Bulk of revenues at P23.82 billion came from the company's real estate and hotels businesses, rising 19 percent year-on-year.
“We continued to post solid results in the first half of 2012 as we sustained our high growth trajectory,” said ALI chief finance officer Jaime E. Ysmael.
“Across the board, we have been consistent in growing revenues and improving margins. Our first half average monthly sales take-up for residential products was again a new record, and our Commercial Leasing and Hotels and Resorts businesses continue to perform very well. We are progressing very well on our 5-10-15 plan and are on track to achieving our targets for the year,” he added.
Revenues from the residential segment grew 24 percent to P13.95 billion, driven by a 57 percent improvement in the value of bookings across the residential brands.
Ayala Land Premier revenues rose 23 percent year-on-year to P5.11 billion on strong sales of Elaro lots in NUVALI and the steady completion and significant bookings from the condominium units in Park Terraces 3 in Makati City and One Serendra West Tower in Bonifacio Global City.
Alveo brought in P3.43 billion, driven by the first towers of The Maridien in Bonifacio Global City and Solinea in Cebu, while Avida and Amaia grew revenues by 45 percent and 88 percent to P3.64 billion and P608 million, respectively. New projects such as Avida Towers Centera, Avida Towers 34th Street, Avida Parkway Settings NUVALI, and AmaiaScapes Cabanatuan and Bacolod contributed to the growth.
Sales take-up for the first six months reached P39.08 billion for an average monthly sales take-up of P6.51 billion, which was 51 percent higher than the P4.31 billion in 2011. ALI's four residential brands launched a total of 9,205 units.
Revenues from the sale of commercial and industrial lots reached P1.35 billion, or 29 percent higher than a year ago, largely because of the sale of 14 commercial lots and a parcel of raw land in NUVALI, and three industrial lots in Laguna Technopark.
Revenues from shopping center leasing grew by 21 percent to P2.81 billion on higher lease rates and the increase in occupied space. Same-store sales increased by 6 percent and 9 percent for building and land leases, respectively.
Revenues from office leasing increased by 20 percent to P1.41 billion from P1.18 billion last year, driven by a19 percent increase in occupied gross leasable area for business process outsourcing office spaces. The company's total occupied BPO gross leasable area expanded to 338,000 square meters, with an average lease-out rate of 85 percent. Average BPO lease rates also increased by 4 percent year-on-year due to rental escalations in existing buildings.
ALI resorts and hotels increased revenues by 15 percent to P1.27 billion from P1.10 billion last year largely due to better revenue per available room, rising 12 percent for hotels and by 37 percent for resorts.
The company is constructing the first four owner-operated urban lifestyle hotel line called Kukun in Bonifacio Global City, Davao, Cagayan de Oro and NUVALI, two of which are expected to begin operations towards the end of this year.
Lastly, the company's construction and property management businesses contributed revenues of P9.35 billion, or 47 percent higher than the P6.38 billion last year. Gross construction revenues grew by 50 percent to P8.71 billion due to the higher construction order book from ALI Group projects. Property management revenues also improved by 14 percent to P641 million from additional carpark management contracts.
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