AYALA LAND, Inc. (ALI) reported a 14% year-on-year increase in its net income for the first quarter of the year to P3.2 billion on the back of cost-efficiency measures during the pandemic.
The listed property developer said in a stock exchange disclosure on Thursday that its consolidated revenues for the January-to-March period reached P24.6 billion, similar to the year-ago figure, which reflected the “slight contraction in property development and the resurgence in commercial leasing during the period.”
“Factoring out the sale of its stake in Qualimed to Ayala Corp. in the first quarter of 2021, revenues and net income grew 6% and 77%, respectively,” ALI said.
According to the company, it received a strong take-up for commercial lots but posted lower residential bookings during the quarter.
“Property development revenues reached P15.9 billion, a 2% dip from P16.2 billion in the same period last year,” it said.
Sales reservations reached P24.1 billion, which is equivalent to monthly average sales of P8 billion, higher than P7.7 billion in 2021.
First-quarter sales take-up is also 9% more than P22.1 billion in the fourth quarter of 2021, ALI said.
In the first three months of 2022, the company launched seven projects with a total value of P17 billion.
The projects are AyalaLand Premier’s Ciela Heights Phase 1A Tranche 2 in Carmona, Cavite and Anvaya Cove Seaside Point in Morong, Bataan; Alveo’s Mondia Expansion in Nuvali, Laguna; Avida’s Patio Madrigal Tower 1 in Pasay City and Serin East Tower 4 in Tagaytay City, Cavite; Amaia’s Series Nuvali S2 in Laguna and Scapes Iloilo S2A.
ALI said its commercial leasing revenues climbed 26% to P6.4 billion due to the reopening of the economy while revenues from shopping centers increased 49% to P2.9 billion following higher mobility and tenant sales.
Office leasing revenues increased 7% to P2.7 billion as tenancy and operations remained stable while hotel and resort revenues climbed 29% to P823.4 million due to increased domestic travel.
ALI President and Chief Executive Officer Bernard Vincent O. Dy expects the positive trend to continue as the economy continues its economic recovery.
“The greater mobility in the [first] quarter resulted in an immediate positive impact on our overall business. Notable was the turnaround and higher customer patronage of our malls, hotels, and resorts,” Mr. Dy said.
“We expect the positive trend to continue as the health crisis abates, people increasingly return to their pre-pandemic consumption patterns, and business and leisure travel gain momentum,” he added.
Meanwhile, ALI said it is set to introduce four master planned estates in the country to boost its presence, add new products for communities and businesses, and help the reopening of the economy.
“ALI remains confident in the market and is poised to launch P100-billion worth of residential inventory this year, equally split between horizontal and vertical offerings,” it said.
First-quarter capital expenditures reached P14 billion, mainly for residential developments, followed by commercial leasing assets.
Up to 54% was spent on residential projects, 7% on commercial projects, 14% on land acquisition, 23% on estate development, and 2% on other purposes, it said.
On Thursday, ALI shares at the local bourse fell P1.05 or 3.43%% to close at P29.55 apiece. — Revin Mikhael D. Ochave