AYALA Land Inc. (ALI) endured the severe impact of Covid-19 on its 2020 operations as key indicators improved steadily towards the end of the year.
ALI recorded a 43 percent decline in consolidated revenues to P96.3 billion from P168.8 billion a year ago, and a 74 percent drop in net income to P8.7 billion from P33.2 billion in 2019.
The company sustained the momentum for recovery from the third to the fourth quarter however, recording a 49 percent growth in total revenues quarter-on-quarter to P33.0 billion and a 28 percent jump in net income to P2.4 billion for the period.
While revenues from property development dipped to P66.5 billion for the year due to construction restrictions and lower bookings, this soared 64 percent to P25.8 billion in the fourth quarter from the third quarter of 2020, boosted by continuous construction progress in 174 projects across the country.
Despite limited sales mobility, sales reservations also registered at P81.9 billion – 56 percent of the level in 2019.
Commercial leasing revenues contracted 44 percent to P21.9 billion in 2020 given limited mall and hotel operations, although mall revenues grew 10 percent to P1.7 billion in the fourth quarter from the third quarter on account of less strict community quarantine restrictions coupled with the holiday season boost. (PR)