Manila Bulletin
ALI earnings rise on recovery of malls, hotels
Ayala Land Inc. (ALI) reported a 34% increase in its first-semester profit, reaching P8.1 billion, driven by the recovery of its mall and hotel businesses along with a surge in commercial lot sales.
The company's total revenue for the first half of 2022 amounted to P53.5 billion, marking a 9% increase.
Sales of commercial lots experienced a significant surge of 166%, contributing P5.3 billion, boosted by strong uptake in projects like Arca South, Nuvali, and Vermosa.
Despite the overall profit growth, residential sales remained a challenge, declining by 9% due to extended payment terms offered to buyers impacted by the pandemic.
However, residential reservation sales, a predictor of future revenue, saw a modest 2% increase, reaching P49.3 billion.
Ayala Land's president and CEO, Bernard Vincent Dy, attributed the strong performance to the recovery in mall and hotel operations, resilient office leasing, and robust demand for commercial lots, all benefiting from increased economic activity.
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