COVID-19 hurts Ayala’s hotel, mall businesses

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By: Manila Standard

Ayala Land Inc. said mall and hotel businesses suffered a 10-percent decline in the first six weeks of 2020 following the eruption of Taal Volcano and the outbreak of the novel coronavirus disease 2019 in China.

ALI president Bernard Vincent Dy said foot traffic at shopping malls declined by up to 10 percent as people avoided crowded places. The hotel business also fell by up to 10 percent, he said.

Dy said given these factors, it would be “quite challenging” for the company to hit its target of P40 billion in net income for 2020. He said to meet the target, net income for this year should grow by at least 20 percent.

“We will continue to push really hard to achieve the P40-billion target. We are still working on trying on to push our core businesses to be able to grow the business still at fairly healthy pace,” Dy said.

 

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