Ayala Land posts P2.6 billion net profit up by 38% in 3rd quarter

Ayala-Land-net-profit-up-by-38%

Property giant Ayala Land Inc. posted P2.6 billion in third quarter net profit, up by 38 percent year-on-year, as business operations improved despite the reimposition of stricter quarantine restrictions.

This brought ALI’s nine-month net profit to P8.6 billion, rising by 35 percent year-on-year. The company has so far delivered 49 percent of the earnings expected by market consensus for the full year.

Nine-month consolidated revenues rose by 15 percent year-on-year to P72.6 billion even as tighter lockdown protocols had been imposed by the government from August to September as new COVID-19 cases hit new highs at that time.

Driven by continuing construction progress and higher bookings, ALI’s property development revenues rose by 27 percent to P51.5 billion.

As an indicator of future revenue trajectory, sales reservations for the first nine months also grew by 15 percent to P70.1 billion, largely due to the strong sales performance earlier in the year.

ALI generated P21.8 billion in sales in the third quarter alone, 11 percent higher quarter on quarter although 3 percent lower year-on-year. Consumer demand remained brisk despite the reimposition of lockdown measures this year, ALI reported.

“Our business recovery was sustained despite the reimposition of stricter quarantine measures last August,” said ALI president and CEO Bernard Vincent Dy in a press statement on Wednesday (Nov. 3).

“This was led by our residential business which continued to benefit from stable construction and sales this year,” Dy said.

“We remain positive that with the reopening of the economy, business activity will gain momentum in the fourth quarter, especially for segments like our malls, hotels and resorts which broadly rely on increased mobility,” he said.

Source: https://business.inquirer.net/333681/ayala-land-net-profit-up-38-percent-to-p2-6b

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