Ayala Land Inc. had a blockbuster second quarter which saw its profit surge 16 times to P3.3 billion on strong demand for its residential projects and accelerated construction activity.
Consolidated revenues soared 90 percent to P24.3 billion as sales bookings jumped 45 percent to P19.7 billion amid resilient local demand despite the reimposition of ECQ from March until April.
This brought ALI’s six month-income and revenue to P6 billion and P49 billion, up 34 percent and 19 percent, respectively.
Revenues from the property development business grew 37 percent to P34.1 billion while sales reservations increased by 26 percent to P48.2 billion.
“The pandemic continues to provide an extremely challenging environment for majority of our business lines. Improvement in our performance in the first half of the year was driven primarily by our property development business, with residential demand showing resilience and construction progress driving revenue recognition,” said Bernard Vincent Dy, ALI president and CEO.
Despite the lingering pandemic, ALI is pushing ahead with the construction of new projects to ensure adequate inventory of market segments that are showing stability.
ALI earlier announced it was rolling out P100 billion worth of residential projects this year.
Commercial leasing revenues declined 26 percent to P9.5 billion, weighed down by movement restrictions.
Revenues from shopping centers fell 43% to P3.4 billion due to limited operations and ongoing rent discounts to support tenants.
Office leasing revenues slightly improved to P4.8 billion as business process outsourcing and HQ operations cushioned the impact of POGO cancellations.
The group’s hotels and resorts businesses continued to reel from a drop in bookings caused by the pandemic with revenues plunging 42 percent to P1.2 billion.
SOURCE: Bilyonaryo
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