AyalaLand Logistics income hits P346M

LISTED AyalaLand Logistics Holdings Corp.’s net income increased nearly fourfold to P346 million in the first six months of the year from P70 million in the same period in 2018 on the back of strong industrial lot sales and improved leasing income from its warehouse and commercial properties.

The Ayala Land subsidiary reported to the Philippine Stock Exchange that its revenues rose to P2.2 billion in the January-to-June period from P922 million.

Industrial lot sales more than doubled to P522 million in the first semester from P141 million the previous year.

Leasing revenue from warehouse and malls, meanwhile, rose by 30 percent to P471 million from last year’s P363 million.

In a filing, AyalaLand Logistics President Maria Rowena Tomeldan expressed her company’s satisfaction with the firm’s first-half financial performance, saying that it continues “to be positive as we intend to improve our performance in our sales and leasing portfolios supported by our geographical expansion.”

“As we continuously grow geographically, we look forward to our future introduction of other industrial areas to the market. With our existing assets strategically located in Luzon and Mindanao, we look forward expanding in key areas all over the country in the hopes of fully integrating the network of logistics facilities for our locators,” she added.

The company recently acquired Unity Realty & Development Corp. which owns a 192-hectare property in Mabalacat City, Pampanga province, to maximize the domestic and foreign market’s increasing demand for industrial real estate.

The property will be used to develop a new industrial park named Pampanga Technopark. Once finished, this park is expected to bring at least 1 million square meters of saleable lots and leasable spaces.

AyalaLand Logistics shares added 12 centavos or 3.32 percent to close at P3.73 apiece on Friday.  – Franz Lewin Embudo