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Manila Bulletin devider Business devider Ayala Land income falls 70% to P4.5 B in H1 due to pandemic

Ayala Land income falls 70% to P4.5 B in H1 due to pandemic

Published Aug 8, 2020 08:00 pm

Real estate giant Ayala Land Inc. (ALI) reported a 70 percent drop in consolidated net income to P4.5 billion in the first six months of 2020 due to the impact of COVID-19 on its operations.

 In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues were halved at P41.2 billion in the first half of the year.

Revenues from property development amounted to P24.9 billion, a 58 percent drop mainly due to lower project bookings and suspended construction activity.

Residential revenues also declined 54 percent to P20.5 billion while office for sale revenues dropped by 86 percent to P1.4 billion.

Revenues from the sale of commercial and industrial lots decelerated by 31 percent to P3.0 billion, while sales reservations registered at P38.3 billion – 47 percent lower than last year given limited selling activities during the quarantine.

“COVID-19 severely impacted our performance in the first half of the year. Although we are seeing some positive signs of recovery in certain product lines, we expect the remainder of the year to be extremely challenging,” said ALI President and CEO Bernard Vincent O. Dy.

He added that, “Our property sales started to gain traction as the economy reopened but the performance of our malls and hotels continue to be seriously affected under the current environment.  We are constantly making adjustments in our operations to position the company for renewed growth when the economy recovers.”

In the first quarter of 2020, Ayala Land launched four projects with a total value of P5.0 billion.

Consistent with the company’s strategy to maintain financial sustainability during the quarantine period, no new residential projects were launched in the second quarter of 2020.

Office leasing revenues increased by 7 percent to P4.9 billion through the sustained operations of BPO and HQ buildings.

Commercial leasing revenues declined 31 percent to P12.9 billion given restricted mall and hotel operations and the closure of resorts.

Shopping center revenues dropped 43 percent to P5.8 billion while revenues from hotels and resorts ended 43 percent lower at P2.1 billion.

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