Industrial park developer AyalaLand Logistics Holdings Corp. (ALLHC) grew its first quarter net profit by 10 percent year-on-year to P165 million, as belt-tightening measures made up for the revenue slowdown during a challenging environment.

Consolidated revenues amounted to P964 million, down by 19.7 percent year-on-year, ALLHC disclosed to the Philippine Stock Exchange on Friday. Revenues from the sale of industrial lots increased by 9 percent year-on-year to P383 million, driven by lot sales at Pampanga Technopark.

Improvement in rentals and recoveries helped boost warehouse leasing revenues, which rose by 13 percent to P123 million. Operations of South Park Corporate Center in Muntinlupa were stable but tempered by the limited operations.

“We anticipate that our operations across our business lines will overcome the challenging business environment. Our diversified portfolio and our continuing efforts to build up our assets put ALLHC in a solid position to steer its course towards recovery and long-term growth,” ALLHC president Maria Rowena Tomeldan said.

Despite the ongoing challenges arising from the pandemic, ALLHC affirmed its commitment to build its nationwide footprint. The goal is to grow its warehouse gross leasable area (GLA) to 500,000 square meters, make inroads into 10 key locations nationwide and create new business platforms by 2025.

Last January, ALLHC broke ground for the second phase of ALogis Naic at Cavite Technopark, which will expand its GLA by 16,000 square meters upon completion in December 2021. This will bring up the ALogis portfolio to 213,000 square meters of GLA.

To diversify its offering, ALLHC recently ventured into the cold storage segment with the acquisition of Technofreeze, a cold storage facility, along with the 11,800-square meter parcel of land on which the facility stands. — Doris Dumlao-Abadilla