Major property developer Ayala Land Inc. of the Ayala Group booked a net income of P3.2 billion in the first quarter of the year, up 14 percent year-on-year, on strong on the strong rebound of malls and hotels businesses. Read more👇
quarter of the year, up 14 percent year-on-year, on strong on the strong rebound of malls and hotels businesses.
Minus one time gain from the sale of its stake in hospital unit Qualimed to Ayala Corp. in the first quarter of 2021, revenues and net income rose six percent and 77 percent, respectively. “We expect the positive trend to continue as the health crisis abates, people increasingly return to their pre-pandemic consumption patterns, and business and leisure travel gain momentum.” he added.Property development revenues in the first three months preached P15.9 billion, down two percent from P16.2 billion in the same period last year, mainly due to lower residential bookings.
Revenues from shopping centers surged 49 percent to P2.9 billion from P2.1 billion on year due to higher mobility and tenant sales as the country shifted to less strict quarantine restrictions.