MANILA – Ayala Land Inc on Friday said net income dropped 73 percent in the first nine months of year to P6.4 billion as businesses continue to reel from the pandemic, but encouraged by improved revenue performance in the second and third quarters.

ALI said net income posted a turnaround in the third quarter with nearly a "nine-fold" increase versus the previous three months to reach P1.8 billion as virus restrictions eased.

Consolidated revenues reached P63.3 billion in the first nine months of the year, 48 percent lower for the period.

“COVID-19 continues to significantly affect our operations and the performance of our company. We’ve seen, however, improvement in majority of our business lines in the third quarter as pandemic-related restrictions gradually eased. We anticipate favorable developments moving forward as the reopening of the economy gains traction and have started to introduce new product inventory in our estates,” said ALI president and CEO Bernard Vincent Dy.

Property development revenues more than doubled to P15.7 billion in the third quarter from P7.6 billion in the second quarter, while reservations picked up 66 percent to P22.5 billion.

Commercial leasing revenues declined 37 percent to P17.3 billion in the January to September period given restricted mall, hotel and resort operations.

Mall revenues improved in the third quarter as quarantine restrictions eased resulting in a higher foot traffic of 30-35 percent of pre-COVID levels, it said.

Capital expenditures reached P45.3 billion for the first nine months of the year, representing 65 percent of its revised full-year budget of P69.8 billion.

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