MANILA - Ayala Land Inc's net income fell 74 percent to P8.7 billion last year from P33.2 billion in 2019 as the COVID-19 pandemic took a toll on the company.

Consolidated revenues were at P96.3 billion, down 43 percent from P168.8 billion in 2019.

This is due to lower property bookings, limited commercial operations, and shutdown of the tourism industry that hit its hotels.

Despite negative full-year figures, fourth-quarter net profit was at P2.4 billion, which grew 28 percent from the third quarter, while revenues hit P33 billion, 49 percent higher than the previous quarter.

“There was no escaping the major disruption caused by the pandemic in 2020, but our company’s performance in the latter part of the year was encouraging and provides a baseline for our recovery plans moving forward," ALI President and CEO Bernard Vincent O. Dy said.

• Ayala Land Jan-Sept net income down 73 pct, notes 'improvement' in majority of business lines

ALI's newly listed AREIT Inc. last year fared well despite the pandemic, posting P1.23 billion in its first net income record for 2020 on the back of stable leasing properties.

“As the first Philippine REIT [real estate investment trust], AREIT performed consistently, delivering dividends and growing its assets,” said Carol Mills, AREIT president and CEO.

"Operations remained strong throughout the year. Business resilience, health and safety of all our building locators and
service personnel were our focus areas as all our properties remained open throughout the pandemic," she added.

• AREIT aims to double leasing portfolio in Metro Manila, Cebu
• Ayala Land's AREIT sets sights on high-yielding commercial properties in 3 years

AREIT currently has 344,000 square meters of leasable space from its 4 properties, valued at P37 billion. At the end of 2020, it acquired Ayala The 30th mall and parts of industrial land Laguna Technopark.

As the country awaits the reopening of the economy in relation to the start of the COVID-19 vaccination, property experts are generally bullish on the Philippine property sector, which is seen to move toward developments outside Metro Manila and to emerging cities in provinces.

• Property market remains ‘viable’ investment: Lamudi
• PH property sector seen to start recovery by 2022: Colliers International
• Real estate still 'best asset' to hold amid pandemic: property specialist

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