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Real estate developers Ayala Land Inc. and Robinsons Land Corp. posted lower profits in the third quarter as their shopping centers and residential businesses continued to be affected by the pandemic. Ayala Land said in a disclosure to the stock exchange on Friday that third-quarter net profit fell 77 percent to P1.85 billion from P8.05 billion recorded in the same period last year. Third-quarter revenue also declined 42.4 percent to P22.1 billion from P38.4 billion a year ago, even as government restrictions began to ease. “COVID-19 continues to significantly affect our operations and the performance of our company. However, we have seen improvement in most of our business lines in the third quarter as restrictions related to the pandemic gradually eased, ”said Ayala Land President and CEO Bernard Vincent Dy. “We anticipate favorable developments in the future as the reopening of the economy gains momentum and we have begun introducing new product inventories at our properties,” Dy said. Ayala Land said that as residential demand began to improve, it launched three projects with a total sales value of P2.2 billion. Nine-month reserve sales amounted to P60.8 billion, 44 percent less than in the same period in 2019. Third-quarter sales reached P22.5 billion, an indication that demand is recovering amid the uncertain environment, he said. Meanwhile, Robinsons Land posted a net income in the third quarter of P717 million, down 78.3 percent from P3.3 billion in the same quarter last year. This brought the nine-month net profit to P4.4 billion, down 39.7 percent from P7.3 billion in 2019. The group’s development portfolio, which represented 49 percent of consolidated revenue, increased by 33 percent to P8.84 billion. However, investment portfolio income, which included rental sales of shopping centers and office projects, fell 33 percent from the same period last year. “We are encouraged by the constant recovery of our businesses thanks to the improvement in trends observed on a quarterly basis, as well as in October. Increased customer engagement and sustained interest from outside partners give us confidence that the business will continue to improve in the coming months, ”said Robinsons Land President and CEO Frederick Go.
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