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Manila Bulletin devider Business devider AyalaLand Logistics posts P155-M profit in H1, down by 55%

AyalaLand Logistics posts P155-M profit in H1, down by 55%

Published Aug 18, 2020 07:00 am

AyalaLand Logistics Holdings Corp. (ALLHC), a subsidiary of Ayala Land, Inc. (ALI), reported a 55 percent fall in net income to P155 million in the first half of the year from P346 million in the same period of 2019.

In a disclosure, the firm said “The decline was largely due to the impact of the global pandemic which resulted to a slowdown in the company's retail leasing and retail electricity supply segments.”

For the first six months of 2020, total revenues registered at P1.6 billion, 28 percent lower compared to the P2.2 billion posted in the same period last year.

"Despite our limited operations during the community quarantine, we managed to register a positive bottom line for the first half of the year," said ALLHC President and CEO Maria Rowena M. Tomeldan.

She added that, “We are adapting to the changes brought about by the global pandemic, with our primary focus being ALLHC's long-term financial sustainability and the safety and well-being of all our

employees, locators, merchants, and customers.”

Revenues from industrial lot sales amounted to P351 million, 33 perent lower compared to last year's post of P522 million. Commercial revenues likewise posted a decline of 31 percent at P262 million versus P381 million.

Meanwhile, warehouse leasing revenues amounted to P193 million, up by 38 percent from P140 million the previous year.

ALLFIC's industrial park locators and lessees of logistics facilities are operating with skeleton workforce at this time.

Moreover, Tutuban Center and South Park Center are open to the public with mall merchants operating at limited capacity while adhering to health and safety guidelines. 

"Buyers' interest for our industrial lot offerings remains, and we see a growing demand for our warehouse facilities. ALLHC will continue to offer its diverse and well-positioned products to stay relevant and rise above the ongoing crisis," noted Tomeldan. 

ALLHC also expects its ongoing expansion projects to add 30,000 square meters of gross leasable area to its warehouse portfolio by the end of 2020.

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