Ayala Land Inc. (PSE: ALI) has posted a net income of PhP5.46 billion for 2010, up 35% from the PhP4.04 billion recorded in the previous year. The Company’s fourth quarter net income of PhP1.52 billion was also a record for core quarterly earnings, representing the seventh straight quarters of positive earnings growth.
Unaudited consolidated revenues for 2010 reached PhP37.81 billion, a 24% increase year-on-year. Real Estate and Hotel revenues grew 27% to PhP35.64 billion, with robust growth across all major business lines. Margins of the Company’s residential, shopping center and corporate businesses continued to improve. Corporate cost control has also been improving with the continued drop in the ratio of General and Administrative Expenses (GAE) to revenues, from 9% in 2009 to 8% in 2010.
With total revenues growing faster than total expenses and the effective income tax rate steady at 20%, net income margin improved to 14% in 2010 from 13% in the previous year.