MANILA, Philippines - Property giant Ayala Land, Inc. has posted a record increase in net income for the first quarter on the back of strong revenue from residential and commercial businesses.

"With strong top-line growth and tight cost control measures in place, the company registered its highest ever core net income of any quarter, at P1.2 billion," the Zobel-led firm said in a statement on Friday.

The first-quarter figure, the fifth in a row that the company posted an earnings growth, was up 32% from P907 million.

"Ayala Land posted consolidated revenues of P9.22 billion in the first quarter of this year, 24% higher than the P7.41 billion posted in the same period last year," it said.

Consolidated net operating income also registered a gain of 35% to P2.52 billion.

"We achieved growth across all our operating businesses and this reflects the soundness of the four-pillar strategy we put in place in the second half of last year," Jaime E. Ysmael, senior vice-president and chief finance officer of Ayala Land, said in the statement

"We positioned ourselves to take advantage of the general improvement in sentiment and market activity beginning the latter period of last year and, as a result, achieved record core earnings this first quarter," he added.

Revenue from the residential segment was up 41% to P4.41 billion in the first three months. This figure was backed by Ayala Land Premier which generated P1.99 billion in revenues, up 56% year-on-year due to the high take-up of high-end condominium Park Terraces in Makati City and Santierra lots in Nuvali in Laguna province south of Metro Manila.

Performance of the high-end segment, Ayala Land said, was boosted by "the middle-income and affordable brands Alveo and Avida, [which] both posted 30% growth to P1.37 billion and P1.05 billion, respectively, as demand for more affordable products remained strong."

Newly launched affordable housing unit Amaia has launched a total of 4,394 units in the first quarter, or 47% of the 9,275 units targeted to be offered this year.

Meanwhile, revenues for shopping centers rose by 3% to P1.13 billion driven by improving occupancy rates at Greenbelt 5, Market! Market! and recent addition MarQuee Mall.

Revenues from corporate business went up by 3% to P466 million due to the expansion of the business process outsourcing office portfolio.

Lastly, revenues from the Strategic Landbank Management Group ballooned by 94% to P664 million in the first quarter due to successful pre-sale performance of Park Terraces and Nuvali.

The property giant said it will continue creating presence in key growth centers nationwide.

For instance, Ayala Land broke ground for its Baguio-Ayala Land Technohub in April. It also signed a joint venture with Asian Conservation Co., the owner of world-famous El Nido Resorts in Lagen and Miniloc islands in northern Palawan, for a P2-billion tourism development.

Shares in Ayala Land, whose profits dropped bt 16% last year to P4.04 billion amid the financial crisis and weak demand for the property sector, shed P0.50 each to close at P13 on Friday. -- Neil Jerome C. Morales