| PUBLICLY listed Ayala Land Inc. (ALI) said Wednesday its net income for the first quarter grew 10 percent to P1.29 billion from P1.17 billion in the same period last year as consolidated sales soared 18 percent to P6.45 billion.
In a report to the stock exchange, ALI said operating revenues grew 11 percent to P5.28 billion as growth across all residential brands more than offset the decline in hotel and corporate business revenues.
Higher equity earnings from investments in Bonifacio Global City boosted ALI’s operating revenue growth.
The P667-million gain on sale of shares in Makati Property Ventures in the first quarter also contributed to the 18 percent growth in consolidated revenues.
“During the first quarter, Ayala Land made significant strides in laying down the foundations for future growth. We have stepped up priming activities in our strategic landholdings and are on track with our lineup of residential project launches,” said president Jaime I. Ayala. “Expansion of our shopping center and office rental portfolio is likewise proceeding at a steady pace.”
Residential development accounted for the biggest share of total revenues at 46 percent or P 2.9 billion. This was followed by the support businesses at 16 percent or P1.0 billion. Shopping centers contributed 15 percent or P978 million, while corporate business generated P232 million.
Strategic landbank management accounted for P82 million, followed by revenues from operations in the Visayas-Mindanao areas with P24 million.
From January to March this year, ALI spent P3.1 billion for project and capital expenditures, 15-percent more than the P2.7-billion spent during the same period in 2006. The bulk was spent on residential development projects while shopping centers accounted for 28 percent of total with construction work in full swing at TriNoma and Greenbelt 5.
Corporate business hardly spent for any capex in the last quarter but should reach its P1-billion budget by year-end with the construction of the De la Rosa E-Services Tower and the first two buildings of the UP North Science and Technology Park, which broke ground in March.
The P3.1-billion capex for the first quarter represented 19 percent of the full year budget of P16.2 billion.
Earlier, the company also said it was readying a new masterplan for the redevelopment of the Ayala Center, the most popular recreational, shopping, dining and entertainment area in Makati City.
The redevelopment would still be mixed-use, involving various spaces like residential, commercial, retail and office.
The new masterplan would feature office spaces for business process outsourcing and at least three hotels, two of which would be done by ALI in partnership with the Dubai-based Kingdom Hotel Investments.
ALI, the property arm of Ayala Corp., decided to embark on the redevelopment of Ayala Center to get more value of its land in Makati.
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