Ayala Land’s Profit Drops by a Fifth on Lower Home Sales

Ayala Land Inc.’s first-quarter profit dropped by a fifth from a year ago on lower home sales, with the Middle East war seen hurting consumption and economic growth.

Net income in the three months ended March was at 5.37 billion pesos ($87.2 million), down 23% from a year ago, according to the property company. Property development revenues, bulk of which are from home sales, fell 27% to 20.3 billion pesos.