Realty conglomerate Ayala Land Inc. (ALI) announced a 14% increase in net income in the first quarter of the year.
In a disclosure to the Philippine Stock Exchange, the company stated that its net income rose to P4.7 billion from the P4.12 billion it earned during the first quarter of 2015.
With 18 estates spanning 9,000 hectares in their portfolio, ALI's consolidated revenues likewise enjoyed an increase during the quarter, going from P25.06 billion from the previous year to P26.97 billion for this year, an 8% uptick.
Revenues for its residential projects increased by 17%, raking in a total of P14.47 billion for the company. Meanwhile, commercial developments generated a 15% increase in revenue, going from P3.16 billion to P3.61 billion. Revenues for office leasing totaled P1.36 billion, a mark-up of 13%.
ALI's hotels developments, however, showed a 2% drop in revenues for the quarter due to InterContinental Manila closing down.
With a marked increase in revenues in all other sectors, however, ALI's president and CEO Bernard Vincent Dy expressed confidence in the company's continued growth.
ALI's first quarter earnings remain positive and reflect the steady performance of our core business units," said Dy. "With the strong economic fundamentals of the country, we continue to expand in existing locations and prime up our emerging and new estates."