Property giant Ayala Land Inc. went full steam ahead with third quarter earnings rising by 38 percent to P2.6 billion despite the reimposition of stricter quarantine rules to curb the rise of coronavirus cases.
ALI registered P21.8 billion in revenues during the period, 11 percent higher than the second quarter but a decline of 3 percent quarter-on-quarter.
“Our business recovery was sustained despite the reimposition of stricter quarantine measures last August. This was led by our residential business which continued to benefit from stable construction and sales this year,” said ALI president and CEO Bernard Dy.
Despite mobility restrictions during the third quarter ALI rolled out four new projects worth P13 billion.
These include Ayala Land Premier’s Ayala Greenfield Estates 4C Tranche 1 in Calamba, Laguna and Lanewood Hills Phase 2 in Silang, Cavite; Avida’s Centralis Towers in Pasay City; and Amaia’s Steps Pasig Clara.
For the first nine months, Ayala reported a 35 percent jump in net income to P8.6 billion on the back of a 15 percent growth in revenues to P72.6 billion.
Ayala Land launched a total of 18 projects during the nine-month period with a combined value of P59.1 billion, significantly higher than the P10.6 billion worth of launches in 2020.
Sales reservations grew by 15% to P70.1 billion, mainly driven by the residential business which continued to benefit from stable construction and sales this year,
“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,” Dy said.
SOURCE: Bilyonaryo
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