Ayala Land Logistics Holdings Corp., a unit of property developer Ayala Land Inc., said its income in January to September declined by 37 percent to P354 million from the previous year’s P565.27 million.
Consolidated revenues for the period fell 23 percent to P2.1 billion from the previous year’s P2.74 billion.
The company said domestic demand for industrial lots remains strong with sales reservations reaching P1.4 billion, 10 percent higher than last year.
Meanwhile, revenues posted at P834 million for the period is 31 percent lower than previous P1.2 billion mainly due to early-stage completion of newly launched projects.
“We remain focused on our strategies and plans to continue building our diversified industrial real estate portfolio. Our commitment to long term success is evident in our forthcoming launches and expansions, which will be integral in growing our recurring revenue business and our industry presence,” Robert S. Lao, the company’s president and CEO, said.
Warehouse leasing recorded P510 million in revenues, a 2-percent decline from last year, due to lower average occupancy during the period.
This is mainly attributed to the facilities upgrade in ALogis Calamba, which was completed and leased at the end of the second quarter, the company said.
The company said it leased a total of 51,000 square meters in ALogis Calamba to logistics companies in May and September of this year.
With an 88 percent lease-out rate, overall occupancy is expected to rise in the fourth quarter with tenants commencing operations.
Meanwhile, cold storage revenues grew to P129 million from last year’s P89 million, a 45-percent increase given the addition this year of the ALogis Artico Mandaue facility in the portfolio and higher overall occupancy.
Commercial leasing revenues remained flat at P664 million, it said.
In September, the company launched the third phase of Pampanga Technopark industrial township. The said phase was registered with the Board of Investments as an industrial zone.
The company said it is on track to deliver its target of having an additional 10,000 pallet positions from the ongoing ALogis Artico projects in Santo Tomas in Batangas and in Mabalacat, Pampanga covering 15,000 square meters.
The company said it first build-to-suit facility in Cavite Technopark is also underway.
