Ayala Land 9-month net income up 55% to P13.3 billion

Real estate giant Ayala Land Inc. on Tuesday posted a high double-digit growth in its earnings during the first nine months of the year as business and consumer activity accelerated under the Philippines' reopened economy.

In a disclosure to the Philippine Stock Exchange, Ayala Land said it booked a net income of P13.3 billion in the January to September period, up 55% year-on-year.

The company’s consolidated revenues also increased by 19% to P86.3 billion.

"The acceleration in business and consumer activity during the period enabled us to generate significant earnings growth," said Ayala Land president and CEO Bernard Vincent Dy.

"The demand for our residential products remained resilient and local consumption continues to be robust despite geopolitical and macroeconomic challenges. We believe the strength of our local market will provide the backbone to sustain the growth of our diversified real estate portfolio for the rest of the year," added Dy.

Ayala Land said it capital expenditures during the period reached P44.7 billion, wherein 55% was spent on residential projects, 10% on commercial projects, 14% on land acquisition, 17% on estate development, and 4% for other purposes. — BM, GMA Integrated News