AyalaLand Logistics (ALLHC) has secured the nod from the Securities and Exchange Commission (SEC) for the dissolution of its subsidiary, Orion Holdings Philippines Inc. (OIHPI).
The regulatory filing highlights the approval of the amendment to Article IV of OIHPI’s articles of incorporation, resulting in the abbreviated corporate term and subsequent dissolution.
ALLHC reassures stakeholders, asserting that the subsidiary’s dissolution will not exert any material impact on the company.
ALLHC saw a 37 percent decline in its nine-month profit to P354 million as revenues fell 31 percent to P834 million primarily due to the early-stage completion of newly launched projects.
Warehouse leasing revenues decreased by two percent to P510 million due to lower average occupancy during the period.
The decline was attributed to the facilities upgrade in ALogis Calamba, which was completed and leased at the end of the second quarter.