[ad_1]
Ayala Land Inc. (ALI) reported on Friday that its net revenue plunged to P6.4 billion in the nine months ending in September due to the continuing impact of the 2019 coronavirus disease (Covid-19) on its operations.
In a disclosure, the Ayala-led real estate giant said the figure was a 73 percent decline from P23.2 billion year-on-year. Its consolidated revenue plummeted 48 percent to P63.3 billion in the period from P121.7 billion in January to September 2019.
Despite these drops, Ayala Land saw its profits improve between the second and third quarters as quarantine restrictions aimed at slowing the spread of the coronavirus were eased.
From July to September, its net income grew nearly nine times to P1.8 billion and revenue increased 73 percent to P22.1 billion.
“Covid-19 continues to significantly affect our operations and the performance of our company. However, we have seen improvement in most of our lines of business in the third quarter as restrictions related to the pandemic gradually eased, ”Ayala Land President and CEO Bernard Vincent Dy said in the disclosure.
“We anticipate favorable developments in the future as the reopening of the economy gains momentum and we have begun to introduce new product inventories at our properties,” he added.
The company’s property development segment posted a 52 percent drop in nine-month revenue to P40.6 billion in lower project bookings and limited construction activities.
Quarter-to-quarter, its revenue more than doubled to P15.7 billion from P7.6 billion after construction activities resumed.
Residential sales bookings in the first nine months reached P60.8 billion, 56 percent from last year’s figure despite limited sales activity during quarantine periods. For the third quarter, bookings increased 66 percent to P22.5 billion from the prior quarter figure due to improved demand for residential products.
Commercial leasing income decreased 37 percent in the first three quarters to P17.3 billion due to restricted operations of shopping centers and hotels and the temporary closure of resorts.
Shopping center revenue in the three months ending September saw a 29 percent increase from P1.5 billion QoQ.
Ayala Land said its capex from January to September was P45.3 billion, 65 percent of the revised total of P69.8 billion, which was used primarily for residential development and commercial lease assets.
Shares of Ayala Land added 95 cents or 2.79 percent to end at P35 each on Friday.
[ad_2]
