Ayala Land records 74% drop in net income in 2020

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AYALA Land Inc. (ALI) has endured the severe impact of Covid-19 to its business operations in 2020 recording a 43 percent decline in revenues to P96.3 billion and a 74 percent drop in net income to P8.7 billion.

The firm’s property development revenues fell 43 percent to P66.5 billion mainly due to limited construction activity resulting in lower bookings.

Its residential revenues dropped 40 percent to P56.1 billion while office for sale revenues declined 71 percent to P3.8 billion.

ALI’s commercial and industrial lots sales decreased 42 percent to P6.6 billion.

ALI has earmarked P88 billion in capital expenditures and is prepared to launch P100 billion worth of residential projects in 2021 as it prepares for a V-shaped recovery in the next two to three years. (PR)