[ad_1]
Real estate giant Ayala Land Inc. (ALI) saw an improvement in third-quarter earnings compared to the dismal second quarter, during which the tightest and longest lockdown protocols had been in place, but the prolonged coronavirus pandemic continued to affect to most companies.
ALI posted a net profit in the third quarter of P1.85 billion, a decrease of 77 percent year on year. However, this marked a nine-fold improvement compared to second-quarter earnings of just P197 million.
For the nine-month period, ALI’s earnings amounted to P6.4 billion, down 73 percent from last year.
“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 ALI President and CEO Bernard Vincent Dy.
Revenue for the nine-month period fell 48 percent year-on-year to P63.3 billion. For the third quarter, revenue was P22.12 billion, down from P38.44 billion a year ago.
January-September revenue from property development was down 52 percent year-on-year to P40.6 billion due to lower project bookings and limited construction activity.
In the third quarter, as construction activities resumed, property development revenue more than doubled to P15.7 billion from P7.6 billion in the second quarter.
Residential sales bookings in the first nine months reached P60.8 billion, or about 56 percent of last year’s levels. In the third quarter, reservation sales grew 66 percent from the previous quarter as demand for residential products rebounded. —DORIS DUMLAO-ABADILLA
Read next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer and more than 70 other titles, share up to 5 gadgets, listen to the news, download from 4am and share articles on social media. Call 896 6000.
For comments, complaints or inquiries, please contact us.
[ad_2]
