MANILA — The Philippines’ largest property companies continued to build up their earnings in the third quarter of 2015. Economic tailwinds, such as steady increases in overseas remittances and outsourcing-sector revenues, helped them to maintain momentum.
 
Ayala Land, the largest real estate player by sales, said its net income from July to September surged 19% to 4.4 billion pesos ($93 million). The growth was driven by higher sales from residential property developments, mall and office leasing, and hotel operations. Consolidated revenue rose 10% to 24.4 billion pesos, Chief Financial Officer Jaime Ysmael told reporters on Monday.
 
SM Prime Holdings, the biggest developer in terms of market value, last week reported its net income jumped 15% to 4.2 billion pesos. Consolidated revenue increased 13% to 16.2 billion pesos.
 
SM Prime, which runs 54 shopping centers across the archipelago, also sells condominiums, leases office space and operates hotels.
 
Speaking to reporters on Monday, Ayala Land CEO Bobby Dy said the industry continues to benefit from the growing business process outsourcing industry, which boosts demand for mall and office rentals.
 
The domestic tourism industry is also improving, contributing to higher hotel occupancy figures. Low interest rates are supporting residential sales, too, Dy said.
 
The third-quarter results brought Ayala Land’s bottom line for January through September to 12.8 billion pesos, up 19% from a year earlier. SM Prime saw its nine-month recurring profit rise 15% to 15.5 billion pesos.