The continued easing of economic restrictions boosted the profitability of Ayala Land’s industrial real estate subsidiary.
AyalaLand Logistics Holdings Corp. reported a 37 percent jump in its net income to P339 million even as revenues were largely unchanged at P1.6 billion.
“The first half of the year showed encouraging results given the continuing reopening of the economy,” AyalaLand Logistics COO Patrick Avila said.
“Growth momentum for our bottomline was sustained as operations remained stable. As we continue building up our asset portfolio and strengthening our leasing segments, we are optimistic about the company’s growth prospects in the industrial real estate space,” Avila added.
The steady demand for industrial lots likewise contributed P657 million in revenues to the company, representing an eight percent increase from P the 611 million recorded last year.
Revenues from the warehouse leasing segment surged 70 percent to P351 million, driven by improved overall occupancy and inclusion of 64,000 square meters of new gross leasable area from its acquisition of ALogis Sto. Tomas early this year.
Cold storage revenues soared 371 percent to P57 million with the addition of a second ALogis Artico Binan facility, while commercial leasing revenues grew 62 percent to P353 million on the back of higher foot traffic in Tutuban Center and South Park Center.