Property developer Ayala Land Inc. said Wednesday third-quarter net income climbed 38 percent to P2.55 billion from P1.85 billion in the same period last year despite the reimposition of stricter quarantine restrictions from August to September.
Ayala Land said in a disclosure to the stock exchange third-quarter revenues rose 7 percent to P23.55 billion. Residential and office businesses remained stable while mall and hotel businesses were affected by mobility restrictions.
“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 Ayala Land president and chief executive Bernard Vincent Dy.
“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.
Ayala Land said net come in the first three quarters also climbed by 35 percent to P8.6 billion as revenues improved 15 percent to P72.6 billion.
Residential business rose 27 percent to P51.5 billion in the nine-month period. Commercial leasing revenues were affected by the stricter quarantine measures implemented in August, registering 18-percent lower at P14.2 billion.
Mall occupancy rates remained stable, but revenues from shopping centers declined 35 percent to P4.9 billion, given the limited operations and rent discounts granted to support tenants.
Revenues from office leasing remained a strong point, growing 5 percent to P7.5 billion as business process outsourcing and headquarter operations were steady throughout the period.
Meanwhile, hotel and resort revenues declined 29 percent to P1.9 billion as resort operations were again further restricted.
The company launched 18 projects with total sales value of P59.1 billion this year as it responded to stronger demand in the residential market.
It also spent P44.7 billion in capital expenditures the in the first nine months, primarily for residential projects, estate development, commercial projects and land acquisition.
Ayala Land recently raised P3 billion from the issuance of fixed-rate bonds.
