AyalaLand Logistics Holdings Corporation (ALLHC) reported a 117 percent jump in consolidated net income to P402 million for the first nine months of 2021 on strong industrial lot sales.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues grew 12 percent to P2.6 billion from P2.3 billion same time in 2020.
Revenues from industrial lot sales amounted to P1.1 billion, rising by 126 percent versus P511 million the previous year, as domestic demand for industrial lots continues.
Meanwhile, warehouse leasing revenues rose to P299 million, up 6 percent from the previous year’s post of P282 million, due to gross leasable area (GLA) completed in 2020 being taken up.
Renewed restrictions and rental assistance to tenants continued to weigh down commercial leasing operations, resulting to a decline in revenues from Tutuban Center and South Park Center by 16 percent to P311 million from last year’s P369 million.
Cushioning the impact is South Park Corporate Center’s office leasing operations with its 100 percent lease-out rate.
“We see signs of recovery in our business lines with industrial lot sales driving significant improvement in our overall performance this quarter,” said ALLHC President and CEO, Maria Rowena M. Tomeldan.
She noted that, “While the current business environment still proves to be challenging, we trust that our growing diversified portfolio of assets will keep ALLHC resilient amidst the ongoing crisis.”
ALLHC recently marked the first year of TutuBuy, Tutuban Center’s digital business initiative.
ALLHC continues its support for Divisoria SMEs through TutuBuy, providing these enterprises the online platform to offer their products beyond their physical spaces. Holiday shoppers may likewise visit the reopened Tutuban Night Market.
Bargain hunters can find various goods such as Christmas decors, apparel, footwear, toys and accessories from over 400 stalls in the outdoor market. Tutuban Night Market is open daily from 3:00 p.m. to 11:00 p.m.