Property giant Ayala Land Inc. saw a 70 percent year-on-year drop in first semester net profit to P4.5 billion as the lockdown of Metro Manila and other key regions during this coronavirus (COVID-19) pandemic gnawed on most businesses.
Coming from a P4.32 billion net profit in the first quarter, this meant that ALI had booked only P180 million in net profit in the second quarter. This marked a 98-percent decline from the P7.83-billion net profit booked in the same period last year.
“COVID-19 severely impacted our performance in the first half of the year. Although we are seeing some positive signs of recovery in certain product lines, we expect the remainder of the year to be extremely challenging. Our property sales started to gain traction as the economy reopened but the performance of our malls and hotels continue to be seriously affected under the current environment. We are constantly making adjustments in our operations to position the company for renewed growth when the economy recovers,” said ALI president and chief executive officer Bernard Vincent Dy.
In response to the ongoing pandemic, ALI has so far waived P5 billion in rental fees of merchant partners in its shopping malls.
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