Ayala Land H1 profits up, but malls, hotels have yet to recover
Ramon Royandoyan (Philstar.com) – August 3, 2021 – 6:37pm

MANILA, Philippines — Ayala Land Inc. delivered a strong first-half performance this year, but its hotels, malls and resorts continued to grapple with extended pandemic restrictions.

In a disclosure to the stock exchange on Tuesday, the Ayala family’s property unit reported a net income of P6 billion from January to June, up 34% year-on-year. Six-month consolidated revenues, meanwhile, grew 19% on-year to P49 billion.

“Improvement in our performance in the first half of the year was driven primarily by our property development business, with residential demand showing resilience and construction progress driving revenue recognition,” Vincent Dy, company president and chief executive, said.

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https://www.philstar.com/business/2021/08/03/2117322/ayala-land-h1-profits-up-malls-hotels-have-yet-recover