MANILA -- Ayala Land Inc. yesterday said its profit grew 19 percent in the first quarter of 2015, bolstered by robust property sales.

Its net income reached P4.1 billion in the first quarter of 2015 from P3.5 billion during the same period last year.

It posted consolidated revenues of P25.1 billion from its property development and commercial leasing operations in the company's growing number of integrated, mixed-use estates nationwide.

“Our first quarter results provide a good takeoff point towards the achievement of our targets for the year. We continue to introduce new estates and products in various geographies that will allow for sustained growth in 2015,” said Bernard Vincent Dy, ALI President and Chief Executive Officer.

ALI launched two new estates in the first three months of the year- Cloverleaf in Balintawak, Quezon City and Capitol Central in Bacolod City. The company is currently in 45 growth centers across the country.

“We remain focused on our strategy of developing large-scale integrated mixed-use estates. By doing so, we hope to ensure our growth and help enhance the local economies where our estates are located, particularly in generating livelihood and employment opportunities,” Dy added.

ALI spent a total of Php18.6 billion for project and capital expenditures in the first quarter of 2015 representing 19 percent of the target of P100.3 billion for 2015.

Property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, reported revenues of P15.9 billion in the first quarter of 2015, up 18 percent from P13.5 billion last year.*PNA

Commercial leasing, which includes the operation of shopping centers, offices, and hotels and resorts, generated total revenues of P5.9 billion, up 11 percent from P5.3 billion recorded in the same period in 2014.

ALI's wholly-owned Makati Development Corp. and Ayala Property Management Corp. generated combined revenues of P9.3 billion in the first quarter, 24 percent higher than the P7.5 billion it posted in the same period in 2014.*PNA

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