MANILA, Philippines — Ayala Land Inc. (ALI) reported a net income of P8.6 billion in the nine months to September, up 35 percent from 2020.
This was on the back of a 15 percent increase in nine-month consolidated revenues to P72.6 billion.
ALI president and CEO Bernard Vincent Dy said the company was able to sustain the recovery of its business despite the reimposition of stricter quarantine measures.
“This was led by our residential business which continued to benefit from stable construction and sales this year,” Dy said.
He said the company remains positive that with the reopening of the economy, business activities will gain momentum in the fourth quarter, especially for malls, hotels and resorts which broadly rely on increased mobility.
In the third quarter alone, the company posted a net income of P2.6 billion, up 38 percent from the same period last year.
Property development raked in P51.5 billion in revenues, up 27 percent.
Sales reservations for the first nine months grew by 15 percent to P70 billion largely due to the strong sales performance earlier in the year.
In the third quarter, ALI generated P21.8 billion in sales, 11 percent higher than the second quarter but three percent lower compared to a year ago.
On the other hand, the commercial leasing business remained affected as revenues fell 18 percent during the nine-month period.
While mall occupancy rates remained stable, revenues from shopping centers declined by 35 percent to P4.9 billion given limited operations as well as ongoing rent discounts granted to support tenants.
Revenues from office leasing remained a strong point, growing five percent to P7.5 billion as business process outsourcing and headquarter operations were steady throughout the period.
Hotels and resorts revenues ended 29 percent lower to P1.9 billion as operations were again further restricted.
ALI allotted P44.7 billion for capital expenditures during the period, with 54 percent allocated for residential projects.
The rest went to estate development (16 percent), commercial projects (14 percent) and for land acquisitions (13 percent).