AYALA LAND, Inc. (ALI) reported a 21.74% drop in first-quarter net income to P5.4 billion and said it will scale back its 2026 capital expenditures (capex) to about P50 billion from an earlier P70-billion to P80-billion plan amid shifting market conditions.
Revenues fell by 13.99% to P37.5 billion from P43.6 billion a year earlier, as weaker performance in the property development segment weighed on results, the company said in a disclosure on Thursday.
Property development revenues declined to P20.3 billion from P27.8 billion, reflecting softer demand and cautious buyer sentiment in the residential market.
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