Ayala Land income up 41% in H1

Property developer Ayala Land Inc. on Wednesday said its income in the first half rose 41 percent to p11.39 billion from the previous year’s p8.08 billion.

revenues for the period rose 24 percent to p66 billion from the previous year’s p53.33 billion.

For the second quarter alone, the company said its net income amounted to p6.9 billion and revenues reached p35.1 billion.

“ o u r notable performance in the first half of 2023 reflects the sustained resilience of the property market and strong consumer activity in the geographic areas where we operate,” company president and Ceo Bernard Vincent o Dy.

“Leveraging the positive momentum of the economy, we will capitalize on market opportunities to enhance our diversified portfolio throughout the rest of the year.”

In the second half, Dy the company will be introducing more projects and will have more launches.

“We’re also going to be opening new commercial assets in the next six months. So overall, we feel good about the results, and we’re very positive for the second half of the year.” t he company said it grew its property development revenues by 13 percent year-on-year to p38.7 billion from higher residential project completion, bookings, and sales of commercial and industrial lots and office units.

Anna Ma. Margarita B. Dy, the company’s executive vice president, said the company still saw cancellations, mainly on its office for sale products sold by its unit Alveo.

“I guess [this is due from] the work from home, and the higher vacancies in the office segment, that is something that can be expected. on the other product lines, it’s starting to moderate,” she said.

“ t he revenue impact of cancellation has been 10 percent of our property development, revenue. obv iously, because the revenue has also increased, then the impact in terms of absolute value has increased. And this quarter [second quarter], we experienced, I guess, a little bit higher cancellations on the office for sale products.” residential revenues, meanwhile, rose by 14 percent to p31.2 billion, while office-for-sale revenues went up by 44 percent. revenues from commercial and industrial lots totaled p5.4 billion, flat from last year. property development revenues totaled p21.7 billion in the second quarter, a 27 percent increase from the first quarter of 2023. residential sales reservations in the first semester of 2023 increased by 18 percent year-on-year to p58.3 billion, as second-quarter sales reached p30.6 billion, 10 percent more than the previous quarter.

Sales were driven by Alveo’s park east pl ace in Bonifacio Global City,

AyalaLand premier’s Ciela in Carmona, Cavite, Arcilo in Nuvali, Laguna, and parklinks South tower in Quezon City, and Avida towers Makati Southpoint.

Commercial leasing revenues improved by 39 percent year-on-year to p20.2 billion due to higher occupancy and rents. Shopping center revenues surged by 49 percent to p10.2 billion, while office leasing revenues increased by 8 percent to p5.8 billion.

Meanwhile, hotel and resort revenues rose by 79 percent to p4.2 billion. Commercial leasing revenues totaled p10.1 billion in the second quarter, similar to the first quarter of 2023.

Capital expenditures reached p 3 8.7 billion, of which 55 percent were spent on residential projects, 11 percent on commercial projects, 15 percent on land acquisition, 14 percent on estate development and 3 percent on other purposes. VG Cabuag t h e company attributed the growth to the positive sales performance of both its domestic and international operations, combined with a more favorable business environment. “We continue to see strong demand for our beer products. t hrough solid marketing strategies and a portfolio mix that gives consumers greater choice, we are able to keep our brands relevant and adapt to changing consumer needs and preferences,” San Miguel president and Ceo r amon S. Ang said.

SAN Miguel Corp.’s beer company San Miguel Brewery Inc. (SMB) on Wednesday said its consolidated net income rose 26 percent to p13.5 billion in the first half from the previous year’s p10.65 billion. revenues grew 14 percent to p74.1 billion compared to p65 billion in the same period last year.

SMB said it posted a consolidated operating income of p16.4 billion, up by 12 percent compared to last year’s p14.72 billion.

SMB said its domestic beer volumes grew 9 percent, boosted by new brand campaigns and offtakegenerating programs.

International operations, meanwhile, posted a 16 percent increase in sales volume from its exports business and Hong Kong and t hailand operations.

In its Hong Kong operations, the company said its retail sales have been increasing in the past months on improved labor market conditions and the continued uptick in tourism, supported by the government’s consumption voucher scheme.

“While the company reversed its negative on-premise volume performance from 2022, total domestic volumes for the first six months were on par with last year. t his is because the performance of the lower-priced economy brands in the off-premise channels declined, in line with the contraction of the beer industry’s economy segment,” the company said.

“San Mig Light continued outperforming all our brands, registering double-digit solid growth as of the first half of 2023.” VG Cabuag

CI t ICore renewable energy Corp. (Cr eC) will put up a 10-megawatt (MW) ground mounted solar power plant in pampanga to supply the electricity requirements of pampanga I electric Cooperative (peLCo I).

Under a Memorandum of Agreement (MoA ), C r e C will develop, construct, and operate an embedded 12-hectare solar facility in Barangay e s caler, Magalang, pa mpanga to directly supply the power needs in the franchise area of peL Co I without the need for a grid connection.

After the signing of the MoA last month, Cr eC and peLCo I will then process the necessary documents and clearances from the National electrification Administration (N e A) and the Department of energy, and will seek the approval of the energy r e gulatory Commission prior to commencement. Lenie Lectura

Eter NAL Gardens, one of the leading memorial park developers in the philippines, has acquired a 9-hectare property in Brgy. pacol, Naga City, to establish its 14th memorial park. t he acquisition was formalized in a ceremonial signing recently held in Makati City.

Following the success of the company’s first memorial park in Brgy. Balatas, Naga City, the decision to develop a second park in the Bicol region was motivated by the unwavering trust the community has bestowed upon eternal Gardens. t his new venture stands as a testament to the relationship between the company and the people it has been privileged to serve.

D. edgard A. Cabangon, Chairman, and Ceo of eternal Gardens, expressed his heartfelt appreciation, saying, “ t he establishment of our 14th memorial park in Brgy. pacol, Naga City, is a reflection of the unyielding trust placed in us by the people of Naga. We are deeply inspired by the people’s confidence in the eternal brand of excellence in memorial care. In return, the least that we can do is to deliver a worldclass memorial park and excellent memorial services for the Nagueños.” t he company was founded in 1976 with a mission to provide the Filipino people with unparalleled memorial care services. eternal Gardens has carved a distinguished reputation for itself since its inception, developing 13 memorial parks strategically located across key cities in the philippines. As part of the esteemed eternal Memorial Group, alongside sister companies eternal Chapels, eternal Crematory, and eternal pl ans, the company has consistently demonstrated its commitment to upholding the highest standards in the industry.

Furthermore, he emphasized that this undertaking is a continuation of the legacy left by his late father, Amb. Antonio L. Cabangon Chua, the visionary founder of eternal Gardens.