BusinessWorld
February 25, 2021 | 12:08 am
Fourth-quarter showed ‘sustained momentum for recovery’
AYALA LAND, Inc. (ALI) on Wednesday reported a 74% fall in net income for 2020 to P8.7 billion after a double-digit decline in consolidated revenues, but said its performance “improved steadily” towards yearend.
“There was no escaping the major disruption caused by the pandemic in 2020, but our company’s performance in the latter part of the year was encouraging and provides a baseline for our recovery plans moving forward,” Ayala Land President and Chief Executive Officer Bernard Vincent O. Dy said in a press release.
Revenues dropped by 43% to P96.3 billion last year, which the company said it “endured” after the impact of the coronavirus disease 2019 (COVID-19) on its operations.