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Published May 4, 2021, 4:00 PM
Real estate giant Ayala Land Inc. (ALI) reported a 36 percent drop in net income to P2.8 billion in the first quarter of the year as it continued to weather the impact of the ongoing COVID-19 pandemic on its operations.
In a disclosure to the Philippine Stock Exchange, the firm said it registered a 13 percent decline in consolidated revenues to P24.6 billion, versus the first quarter of 2020, due to restrictions brought about by the pandemic.
However, sales reservations rose 15 percent to P28.5 billion in the first quarter of 2021 from the P24.7 billion posted in the same period last year as local demand remained robust amid the community quarantines. This was likewise an increase of 35 percent from the fourth quarter of 2020.