By P.R. Venkat

Ayala Land Inc.'s net profit for the first nine months of the year fell 73% as Covid-19 continued to weigh on residential project sales and hurt business at its malls and hotels.

The company's net profit dropped to 6.4 billion Philippines pesos ($132.5 million), it said Friday.

Revenue slid 48% to PHP63.3 billion, though in the third quarter there was an uptick in revenue from mall operations and construction activities have resumed, the property developer said.

"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's Chief Executive Bernard Vincent O. Dy said.

The company's capital expenditure reached PHP45.3 billion in the first nine months, mainly due to residential developments and commercial leasing assets.

It has adjusted its full-year capex estimate to PHP69.8 billion from PHP110 billion.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-05-20 2200ET