Ayala Land Inc. said profit for the first nine months of the year reached P6.4 billion, down 73 percent from last year’s P23.7 billion.
Revenues reached P63.3 billion, down 48 percent from 2019’s P121.66 billion.
The company said it continues to reel from the impact of the new coronavirus disease 2019 (COVID-19) pandemic, but saw improvement between the second and third quarters of the year.
“COVID-19 continues to significantly affect our operations and the performance of our company. We’ve seen, however, improvement in majority of our business lines in the third quarter as pandemic-related restrictions gradually eased. We anticipate favorable developments moving forward as the reopening of the economy gains traction and have started to introduce new product inventory in our estates,” said Bernard Vincent Dy, Ayala Land president.
Revenues from property development hit P40.6 billion, down 52 percent due to lower project bookings and limited construction activity. Residential sales reservations was at P60.8 billion, down 44 percent from last year.
Commercial leasing revenues stood at P17.3 billion, down 37 percent, given restricted mall and hotel operations and the temporary closure of resorts for the period.
The company said it is moving closer to “a return to normalcy” by launching three sequel projects worth P2.2 billion in the third quarter — Ayala Land Premier’s Andacillo Phase 3A, Amaia Scapes Bulacan Series 4A and additional inventory in Bellavita Alaminos 2.
“The launches saw a significant takeup in spite of the limitations of the quarantine period,” the company said.