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Manila Bulletin devider Business devider AyalaLand Logistics profit rise despite lower revenue

AyalaLand Logistics profit rise despite lower revenue

Published May 2, 2022 03:02 pm

AyalaLand Logistics Holdings Corp. (ALLHC), a subsidiary of Ayala Land Inc. (ALI), reported a 19 percent improvement in net income to 197 million in the first quarter of 2022 from P165 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenue declined to P864 million from P983 million in the first quarter of 2021. Industrial lot sales also went down in the first quarter to P316 million, down by 18 percent versus the first quarter last year due to unhooked reserved lots expected to be recognized by the second quarter.

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But, the decline have been offset by a robust 54 percent increase in warehouse leasing revenues to P191 million from P123 million given improved occupancy and increased leased areas. Cold storage ended the quarter with P28 million in revenues.

Commercial leasing is gradually recovering with retail stores reopening and an increase in total customer foot traffic by 32 percent versus the same period last year.

In line with its commitment to build a national footprint, ALLHC said it continues to expand in key areas across the country.

In February 2022, ALLHC acquired an existing ready-built facility in Ste. Tomas, Batangas, adding 64,000 sqm of leasable warehouse space to the ALogis portfolio.

With this acquisition, ALLHC presently has 288,000 sqm warehouse gross leasable area (GLA) across 6 locations, 58 percent of its targetted 500,000 sqm GLA by 2025.

ALLHC will diversify its product line further with additional cold storage facilities and other business platforms. ALLHC is on track to double its cold storage capacity to 15,000 pallet positions by the year 2023.

ALLHC President and CEO Maria Rowena M. Tomeldan

"Our growth plans are geared to enable ALLHC to seize opportunities in the new economy," said ALLHC outgoing President and CEO Maria Rowena M. Tomeldan.

She added that, “With the competitive advantage from our said portfolio of diversified product offerings, and our optimistic view on the economy's reopening, we look forward to enhancing our business performance in 2022. We will further strengthen ALLHC's position for the long term."

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Maria Rowena M. Tomeldan AyalaLand Logistics Holdings Corp. (ALLHC)
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