By Ted Cordero, GMA News

Property development giant Ayala Land Inc. (ALI) saw a double digit growth in its bottom line last year on the back of resilient operations amid the COVID-19 pandemic.

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In a disclosure to the Philippine Stock Exchange on Tuesday, ALI reported a net income of P12.2 billion, up 40% year-on-year on the back of 10% growth in total revenues of P106.1 billion.

Sales reservations for the year reached P92.2 billion, up 13% from last year, mainly due to solid demand for lots in Southern Luzon by Ayala Land Premier and Alveo.

Sales reservations from lot sales jumped 36% to P41.5 billion.

Commercial leasing revenues amounted to P20.6 billion, down 5% from a year ago as malls, hotels, and resort operations remained limited for most of the year due to COVID-19 restrictions, ALI said.

SOURCE: https://www.gmanetwork.com/news/money/companies/823491/ayala-land-posts-40-rise-in-net-income-in-2021/story/