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Prime Orion posted P70M net income in 1H18

Prime Orion posted P70M net income in 1H18

 Aug. 20, 2018– Prime Orion Philippines Inc. (POPI), a subsidiary of Ayala Land, Inc., posted a significant growth in net income and revenue across the company’s roster of commercial assets as it strengthened its foothold in the industrial park and real estate logistics business.

Prime Orion posted P70M net income in 1H18

 Aug. 20, 2018– Prime Orion Philippines Inc. (POPI), a subsidiary of Ayala Land, Inc., posted a significant growth in net income and revenue across the company’s roster of commercial assets as it strengthened its foothold in the industrial park and real estate logistics business.

POPI grew its net income to P70 million in the first half of 2018, a three-fold growth from the P 16.4 million it posted in the same period last year. Total revenue also increased more than double to P 925.9 million from P 271.9 million in 2017 driven by robust industrial lot sales, improved rental revenue from warehouse facilities and higher revenues from commercial properties.

The positive results come three months after POPI announced its plans to venture into real estate logistics and industrial estate development with the acquisition of Laguna Technopark Inc.  Aside from the industrial park in Laguna, POPI is currently operating the Cavite Technopark in Naic, Cavite and Tutuban Center in Manila.

The first half of 2018 saw industrial lot sales in Cavite Technopark contributing a revenue of P139.2 million. Meanwhile, leasing revenue from warehouse and malls generated P362.9 million, up 79% from the P203 million it posted in the same period last year.

 

“We are very happy with our first half result.  With the recent acquisition of a majority stake in Laguna Technopark, Inc., we continue to evolve and transform POPI into a real estate logistics-focused business.” said Maria Rowena Tomeldan, POPI President and CEO.

 

Capitalizing on its strong results and the stable demand for its services, the company also earmarked a new phase of Laguna Technopark, an 11-hectare warehouse and logistics facilities in Biñan City, Laguna and the phased redevelopment of its 14-hectare Lepanto warehouse in Calamba, Laguna.

The new phase of Laguna Technopark will solely be for warehouse and logistics facilities and will generate over 50,000 square meters in gross leasable area.

Furthermore, the redevelopment of the strategically located Lepanto warehouse as a “preferred” logistics hub, aims to maximize the potential of the existing facility by bringing an additional 110,000 square meters of leasable area to the company by 2022.

“We believe we are taking concrete steps towards jobs and skills creation. These will hopefully empower the local economy and benefit more communities. Moving forward, we plan to grow beyond our current footprint of Tutuban, Muntinlupa, Calamba, Sta. Rosa, and Naic to further develop industrial estates and logistics facilities. With this vision, we aim to support the local economy and benefit more communities,” said Tomeldan.

 

POPI is a subsidiary of Ayala Land, Inc., the country’s largest developer of sustainable estates offering a diverse mix of properties such as residential, commercial, and leisure developments that  support local economic growth and nation-building.

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For more information, please contact:

Ma. Rhodora dela Cuesta

Investor Relations Manager

Telephone number: (02)884-1106

Email:   corporate.popi@primeorion.com.ph

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