November 9, 2018 – Prime Orion Philippines, Inc. (“POPI” or “the Group”), a subsidiary of Ayala Land, Inc. (ALI), grew its net income to P190M as of September 30, 2018, from P85M net income in the same period in 2017, following the consolidation of Laguna Technopark Inc., ALI’s industrial park and real estate logistics business.
POPI posted revenues of P1.9B, on account of lot sales in Cavite Technopark in Naic, Cavite, which generated revenues of P282M. The rental revenues from commercial properties and warehouse facilities reached P579M, 68% higher compared to last year’s P345M. Growth in revenue was due to the contributions of the warehouse facilities in Laguna Technopark, Cavite Technopark and Laguna. In addition, Tutuban Center’s rental revenue registered at P365M, with double digit growth at 18% compared to same period last year.
Aligned with the Group’s strategic direction to strengthen its position as a prime builder of industrial parks and warehouse facilities, LTI launched its latest standard factory building (SFB) within the 11-hectare development in Laguna Technopark last October 19, 2018. The project will generate over 60,000 square meters of gross leasable area, bringing the Group’s real estate logistics total gross leasable area to 200,000 square meters by October 2020. POPI has earmarked a P1.0B capex for the construction of the SFB.
“Prime Orion’s positive financial results for the first nine months is consistent with the Group’s strategy to transition into a highly-diversified company with a balanced portfolio focused on industrial park development and warehouse and commercial leasing.” said Maria Rowena Tomeldan, POPI President and CEO.
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.