Areit profit hits P844M in first 9 months

Listed Areit Inc.’s net income grew to P844 million in January to September on the back of the stable operations of its leasing portfolio amid the coronavirus pandemic. In a filing on Friday, the Ayala Land Inc.-backed real estate investment trust company reported that its revenues climbed by 3 percent to P1.4 billion, while its earnings before interest, tax, depreciation and amortization increased by 4 percent to P1.1 billion. Its acquisition of McKinley Exchange in February and the higher occupancy rate at Ayala North Exchange also lifted its rental income by 9 percent to P1.1 billion year-on-year. “Areit’s fundamentals remain strong and resilient, keeping its financial performance on track,” Areit President Carol Mills said. “We are also expanding our portfolio of leasing assets to seed the company’s future growth,” he added. Listed on the stock exchange in August, Areit used the proceeds from its initial public offering to purchase Teleperformance Cebu last month, and recently unveiled plans to acquire The 30th commercial development in Pasig City. Areit shares fell by 10 centavos or 0.39 percent to finish at P25.55 apiece on Friday.

Back To Top