Property developer Ayala Land Inc. said net income slid 41 percent in the first quarter to P4.3 billion from a year ago, reflecting the severe impact of the enhanced community quarantine across its businesses.
Ayala Land said in a disclosure to the stock exchange first-quarter consolidated revenues also declined by 28 percent to P28.4 billion as both residential and leasing businesses registered lower sales.
“The severe impact of the ECQ resulting from the COVID-19 crisis and the Taal eruption caused a major decline in our net income. 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 chief executive Bernard Vincent Dy.
“Our leasing assets were also significantly affected in the latter part of the quarter due to the ECQ. Given the continuing market uncertainty, we quickly made adjustments in our plans to ensure the long-term sustainability of the business,” he said.