MANILA – Ayala Land Inc said Tuesday it posted a net income of P2.8 billion in the first quarter of 2021, down 36 percent due to the restrictions imposed to stem the spread of COVID-19.

Consolidated revenues also declined by 13 percent to P24.6 billion, Ayala Land said in a disclosure to the stock exchange.

Sales reservations rose 15 percent to P28.5 billion from P24.7 billion for the period as local demand “remained robust” despite the pandemic.

Its net income dropped 74 percent in 2020 due to the pandemic. Ayala Land said full recovery could happen in 2 to 3 years.

“We continue to work through the difficulties of the pandemic with an eye towards full recovery in the next two to three years," said ALI President and CEO Bernard Vincent O. Dy.

“Looking at our total portfolio, we expect our capital expenditures, product launches and completions to drive our performance this year amidst the ongoing challenges caused by the pandemic,” he added.

Ayala Land launched 6 projects in Q1 worth a total of P17.4 billion. The company budgeted some P100 billion worth of project launches for this year.

Its capital expenditure for the year was set at P88 billion.

AyalaLand Logistics Holdings Corporation (ALLHC) recently acquired cold storage facility Technofreeze located within Laguna Technopark in Biñan, Laguna.

Its real estate investment trust AREIT was the first to debut in the Philippine Stock Exchange.

• Ayala Land sets P88-billion capex, to launch P100 billion worth of residential projects
• AyalaLand Logistics Holdings acquires cold storage facility in Laguna Technopark

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