Manila, Philippines–Ayala Land Inc. (ALI) posted strong net earnings of P11.5 billion in the first half of the year as the company focused on developing projects across its 22 estates nationwide. Its income was 18% higher than the P9.7 billion it posted in the same period in 2016, driven by solid contributions from its property development and leasing businesses.

ALI’s consolidated revenues reached P64.5 billion, 18% higher compared to P54.8 billion it earned in the previous year, while revenues from real estate increased 18% to P60.5 billion. More than half of company revenues came from property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots.

Property sales boosted in the first half of 2017 as it reached P61.4 billion, 11% higher than the P55.1 billion it reported last year, translating to an average monthly sale of P10.2 billion.

ALI remains on track in executing plans towards achieving its 2020 net income target of P40 billion.

During the first half of the year, the company launched the 200-hectare Evo City in Kawit, Cavite, which is envisioned to become a new central business district in the area. It also opened an Ayala mall and its largest Seda hotel in Vertis North, an emerging estate located at Quezon City’s future central business district. It also introduced Ayala Land Premier’s Cerilo, an 85-hectare upscale residential community in its flagship sustainable estate, Nuvali, Laguna.

ALI spent a total of P41.6 billion for project and capital expenditures as of June 2017. 48% was spent on the completion of residential projects and 33% was spent on commercial leasing projects. 12% was spent on land acquisition, new businesses, services and other investments while 7% was spent on the development of its estates. (Press Release)