ALLHC Q1 profit up 19%

LISTED AyalaLand Logistics Holdings Corp. (ALLHC) on Monday reported that its net income improved by 19 percent to P197 million in January to March from P165 million in the same period last year.

The company’s revenues for the first quarter, meanwhile, ended 10 percent lower to P864 million from P964 million year on year.

ALLHC saw its warehouse leasing revenues increase by 54 percent to P191 million from P123 million in the first three months of the year amid improved occupancy and increased leased areas.

Industrial lot sales, on the other hand, declined by 18 percent to P316 million due to unbooked reserved lots expected to be recognized by the second period.

ALLHC’s cold storage had P28 million in revenues, while the company noted that its commercial leasing is gradually recovering as retail stores are reopening and customer foot traffic is improving.

ALLHC ended the quarter with 288,000 square meters (sqm) warehouse gross leasable area (GLA), following its recent acquisition of an existing ready-built facility in Batangas.

The company said the size is already 58 percent of its target to reach 500,000 sqm GLA by 2025.

ALLHC looks to diversify its product line with additional cold storage facilities and other business platforms as it is on track to double its cold storage capacity by 2023.

“Our growth plans are geared to enable ALLHC to seize opportunities in the new economy. With the competitive advantage from our solid portfolio of diversified product offerings and our optimistic view on the economy’s reopening, we look forward to enhancing our business performance in 2022,” Maria Rowena Tomeldan, ALLHC outgoing president and chief executive officer, was quoted as saying in a disclosure.