Ayala Land Reports 74% Fall in Net Income

Ayala Land Inc. (ALI) reported a 74% fall in net income to ₱8.7 billion for the year 2020.

Revenues fell by 43% to ₱96.3 billion.

Bernard Vincent O. Dy, Ayala Land President and Chief Executive Officer, said “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,”

Dy said, “In 2020, greater value was placed on maintaining a strong balance sheet to weather this crisis and prepare our company to resume our growth aspirations,”

“Operating procedures were also put in place to ensure the safety of our people and our customers and initiatives were introduced to provide assistance to various stakeholders during this difficult period,” Dy added.

In a separate statement, Ayala Land reported that its board of directors approved Ayala Land’s merger with its listed subsidiary Cebu Holdings, Inc. as well as other subsidiaries: Asian I-Office Properties, Inc., Arca South Commercial Ventures Corp. and Central Block Developers, Inc.

Source: BusinessMirror