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Lockdown spooks condo buyers as Ayala Land Q1 net income falls

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/05/11/construction.jpg"/><figcaption>Construction of a new building progresses, with the Metro Manila cityscape seen in the background. Mark Demayo, ABS-CBN News/file</figcaption></figure></div>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.&quot;Our development business was particularly hit hard during the quarter as we saw buyers opting to defer purchases during this period,&quot; said Ayala Land President and CEO Bernard Vincent Dy.&quot;Given the continuing market uncertainty, we quickly made adjustments in our plans to ensure the long-term sustainability of the business,&quot; he said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/07/20/first-since-1998-philippines-gdp-shrinks-due-to-covid-19-pandemic">First since 1998: Philippines GDP shrinks due to COVID-19 pandemic</a></li>	<li><a href="https://news.abs-cbn.com/business/05/06/20/through-the-fire-with-pandemic-businessmen-in-philippines-brace-for-recession">Through the fire with pandemic, businessmen in Philippines brace for recession</a></li></ul>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 &quot;sufficient projects in its inventory.&quot;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.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/07/20/philippines-malls-new-normal-coronavirus-free-wifi-sale">Free WiFi, sale events ditched in &#x27;new normal&#x27; for malls</a></li>	<li><a href="https://news.abs-cbn.com/business/03/17/20/ayala-to-give-p24-billion-relief-package-to-employees-partners-amid-covid-19-luzon-lockdown">Ayala to give P2.4-billion relief package to employees, partners amid COVID-19 Luzon lockdown</a></li></ul>

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.

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.