REAL estate giant Ayala Land Inc. registered a 34 percent growth in net income to P8.1 billion in the first half of the year due to the improved operations of its various business segments.

In a disclosure to the Philippine Stock Exchange, the firm said it posted a net income of P4.9 billion in the second quarter of 2022, 51 percent higher year-on-year and up 55 percent versus the first quarter of 2022.

Consolidated revenues improved 9 percent to P53.3 billion in the first half with the second quarter revenues amounting to P28.7 billion, up 18 percent than the same period last year.

“Strong mall and hotel recovery, resilient office leasing operations, and solid demand for commercial lots led our performance in the first half of 2022,” said ALI president and CEO Bernard Vincent Dy.