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Ayala Land net income drops 74pct to P8.7B in 2020; AREIT posts P1.23B net income

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ABS-CBN News

<p>MANILA - Ayala Land Inc&#x27;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.</p><p>Consolidated revenues were at P96.3 billion, down 43 percent from P168.8 billion in 2019.</p><p>This is due to lower property bookings, limited commercial operations, and shutdown of the tourism industry that hit its hotels.</p><p>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.</p><p>“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,&quot; ALI President and CEO Bernard Vincent O. Dy said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/06/20/ayala-land-jan-sept-net-income-down-73-pct-notes-improvement-in-majority-of-business-lines">Ayala Land Jan-Sept net income down 73 pct, notes &#x27;improvement&#x27; in majority of business lines</a></li></ul><p>ALI&#x27;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.</p><p>“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.</p><p>&quot;Operations remained strong throughout the year. Business resilience, health and safety of all our building locators and<br/>service personnel were our focus areas as all our properties remained open throughout the pandemic,&quot; she added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/19/21/areit-aims-to-double-leasing-portfolio-in-metro-manila-cebu">AREIT aims to double leasing portfolio in Metro Manila, Cebu</a></li>	<li><a href="https://news.abs-cbn.com/business/12/28/20/ayala-lands-areit-sets-sights-on-high-yielding-commercial-properties-in-3-years">Ayala Land&#x27;s AREIT sets sights on high-yielding commercial properties in 3 years</a></li></ul><p>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.</p><p>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.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/02/22/21/property-market-remains-viable-investment-lamudi">Property market remains ‘viable’ investment: Lamudi</a></li>	<li><a href="https://news.abs-cbn.com/business/02/09/21/ph-property-sector-seen-to-start-recovery-by-2022-colliers-international">PH property sector seen to start recovery by 2022: Colliers International</a></li>	<li><a href="https://news.abs-cbn.com/video/business/01/07/21/real-estate-still-best-asset-to-hold-amid-pandemic-property-specialist">Real estate still &#x27;best asset&#x27; to hold amid pandemic: property specialist</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/WR0Qs4pgh8s?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Ayala Land's net income fell 74 percent to P8.7 billion last year from P33.2 billion in 2019 as COVID-19 disrupted businesses. </p>

Ayala Land's net income fell 74 percent to P8.7 billion last year from P33.2 billion in 2019 as COVID-19 disrupted businesses.