Ayala Land Inc. (ALI) reported Monday that its net income in the first nine months was almost flat at P21.4 billion following ‘softer’ operations from its property development business.
Consolidated revenues in the period were down by 2.7 percent to P121.8 billion from P125.2 billion a year earlier.
Revenues from its property development business reached P75.9 billion, slightly weaker than the P76.6 billion booked in the same period last year.
Its leasing and hospitality business, on the other hand, posted a 6-percent growth at P35.1 billion.
‘Ayala Land continues to navigate market challenges with discipline and focus,’ said ALI president and chief executive officer Anna Ma. Margarita Bautista-Dy.
‘We remain committed to expanding our leasing portfolio, enhancing property development fundamentals, and driving disciplined execution and capital efficiency,’ the official added.