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AyalaLand Logistics profits up 164%

From Daily Tribune

Ayala Land Inc. subsidiary AyalaLand Logistics Holdings Corp. (ALLHC) reported net income rising 164 percent in the January to September period to P500 million from P189 million in the same period last year as revenues rise 64 percent.

In a disclosure to the stock exchange on Friday, ALLHC said revenues rose to P3.2 billion in the first nine months due to the gain on sale of shares held by a subsidiary, and 31 percent higher leasing revenues from warehouses and commercial centers, to P755 million.

Industrial lots sales also jumped to P560 million from P283 million last year. For the third quarter alone, ALLHC’s revenues declined slightly to P949 million from P1 billion, while net earnings climbed 29 percent to P154 million.

“ALLHC’s sustained positive financial results for the first nine months continue to show that we are in the right direction as we diversify and work towards a balanced portfolio. We aim to close the year 2019 strong and to start 2020 with the same optimism,” ALLHC president Maria Rowena Tomeldan was quoted as saying.

For the first nine months, ALLHC spent P3 billion in capital expenditures for land acquisition, equity purchase and developments as it pursues geographical expansion.

ALLHC is slated to break ground for the expansion for its warehouse facilities in Alviera Industrial Park in Porac, Pampanga this November, as it seeks to become the leading industrial parks and real estate logistics developer and operator in the country.

The expansion is seen to generate 12,000 square meters of additional gross leasable area to ALLHC. – AJ Bajo

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