By James A. Loyola
AyalaLand Logistics Holdings Corp. (ALLHC), a subsidiary of Ayala Land, Inc., more than doubled its net income to ₱500 million in the first nine months of 2019, up 164 percent from ₱189 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said it posted a 64 percent increase in revenues to ₱3.2 billion for the first nine months of 2019.
In the third quarter alone, revenues slightly declined in 2019 to ₱949 million from P 1billion in 2018.
Meanwhile, ALLHC registered a consolidated net income of ₱154 million, up 29 percent versus last year’s income for the same three-month period. Income growth was mainly attributable to the gain on sale of shares held by a subsidiary.
Leasing revenues from warehouses and commercial centers registered at ₱755 million for the 9-month period, growing by 31 percent from last year’s post of ₱579 million.
Concurrently, industrial lot sales grew to ₱560 million, almost double from ₱283 million the previous year.
Year-to-date September 2019 capital expenditures for land acquisition, equity purchase, and developments reached ₱3 billion, supporting the company’s thrust for geographical expansion.
“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,” said ALLHC President Maria Rowena M. Tomeldan.