(Bloomberg) -- Ayala Land Inc.'s third-quarter profit fell 77% from a year ago as people postponed home purchases and avoided malls amid the pandemic.
Net income in the three months to September fell to 1.85 billion pesos ($38.4 million) from 8.05 billion pesos a year ago, bringing nine-month profit to 6.37 billion pesos, down 73% from a year ago, the builder of the Philippines' main financial district reported to the stock exchange.
Looser movement restrictions boosted third-quarter revenue by 73% to 22.1 billion pesos from the quarter previous, while profit surged nine-fold, it said in a statement.
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“We anticipate favorable developments moving forward as the reopening of the economy gains traction and have started to introduce new product inventory in our estates,” Ayala Land President Bobby Dy said in the statement.
Property sales reservation rose 66% quarter-on-quarter to 22.5 billion pesos as demand for homes picked up. Mall revenue increased 29% on higher foot traffic of 30% to 35% of pre-Covid levels. Ayala Land said it “moved closer to a return to normalcy” by launching three projects worth 2.2 billion pesos last quarter.
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