Ayala Land Q1 net income up 14%

Ayala Land Inc. (ALI) posted a 14-percent increase in net income for the first quarter of the year, owing to a sustained growth in core business.

Its bottom line expanded to P4.7 billion from the P4.12 billion year-on-year, "driven by the sustained growth of its diverse property development businesses nationwide," the company said in a filing with the Philippine Stock Exchange.

Consolidated revenue grew by 8 percent to P26.97 billion from P25.06 billion in the same comparable period. Spending registered at P23.4 billion.

"ALI's first quarter earnings remain positive and reflect the steady performance of our core business units. With the strong economic fundamentals of the country, we continue to expand in existing locations and prime up our emerging and new estates," ALI President and CEO Bernard Vincent Dy said.

The company started constructing the P19-billion Ayala Center mixed-use development at the corner of Ayala Avenue and EDSA – where InterContinental Manila used to stand.

"This will have, among other features, new commercial spaces and an intermodal transport facility that will revitalize the entrance to the Makati Central Business District," it said.

The company has recently penetrated Bicol through Ayala Malls Legazpi.

"Ayala Malls Legazpi marks our entry into the Bicol region. This is in line with our plans to expand our presence in key geographic growth centers in the country, to reach and serve more Filipinos, and contribute to the local economies," Dy said. – Jon Viktor Cabuenas/VDS, GMA News