Earnings of Ayala Land, Inc. (ALI) went up by 17% during the first quarter of 2017, supported by its aggressive real estate and commercial expansion.
In a statement issued Tuesday, ALI disclosed a net income of P6.52 billion for the January to March period, supported by a 17% growth in revenues to P36.98 billion.
Residential revenues expanded by 34% to P21.77 billion, pushing property development revenues 29% higher to P25.14 billion. Local demand for property lifted reservation sales by 16% for the quarter to P31.5 billion.
On the other hand, revenues from the commerical leasing segment firmed up 11% to P8.16 billion for the quarter.
For the first quarter, ALI said it has already spent P26.7 billion out of the P111-billion capital expenditure it plans to roll out this year. Forty-one percent of the capex was allocated for residential developments, 23% for equity investments including MCT Bhd and Prime Orion Philippines, Inc., 22% for commercial leasing projects, 9% for land acquisition, and 5% for estate development.
Shares in ALI went up 10 centavos or 0.25% to close at P40.10 each at the Philippine Stock Exchange on Tuesday. — Arra B. Francia