MANILA -- Ayala Land said Monday net income in the first quarter fell 41 percent, as consumers deferred buying property because of the COVID-19 lockdown that shut most businesses.

The developer posted net income of P4.3 billion in the January to March quarter, as consolidated revenues fell 28 percent to P28.4 billion. The Taal Volcano eruption also contributed to the decline, it said.

Property development revenues fell 38 percent to P17.2 billion. Residential revenues declined 39 percent to P13.8 billion while office for sale revenues dropped 68 percent to P962 million, Ayala Land told the stock exchange.

"Our development business was particularly hit hard during the quarter as we saw buyers opting to defer purchases
during this period," said Ayala Land President and CEO Bernard Vincent Dy.

"Given the continuing market uncertainty, we quickly made adjustments in our plans to ensure the long-term sustainability of the business," he said.

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Sales reservations fell 27 percent to P24.7 billion during the first quarter, wherein Ayala Land launched 4 projects worth P5 billion. The developer said it had "sufficient projects in its inventory."

Commercial leasing revenues dipped 5 percent to P8.7 billion as office leasing mitigated the impact of shopping mall closures, Ayala Land said.

The enhanced community quarantine or lockdown of Metro Manila and other urban centers is scheduled to end on May 15 after two extensions.

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