Strong demand for industrial lots and an improved performance across its businesses caused the nine-month earnings of Ayala Land Logistics Holdings Corp. (ALLHC) to surge by 75 percent to P618 million.
The real estate logistics arm of property giant Ayala Land Inc. disclosed on Tuesday that its consolidated revenues nearly doubled to P4 billion as industrial lot sales ballooned by 86 percent to P2.6 billion in the January to September period.
This was buoyed by lot sales in Laguindingan Technopark, ALLHC’s industrial park in Misamis Oriental province, the company said in a stock exchange filing.
READ: Ayala Land earnings up 15% to P21.2B
Warehouse leasing contributed P566 million in revenues, up by 11 percent due to higher occupancy and an increase in gross leasable area.
Meanwhile, cold storage revenues rose by 19 percent to P153 million due to added capacity from ALogis Artico Santo Tomas in Batangas province.
The facility was opened in May and added 5,000 pallet positions, or designated spaces for pallets, to the company’s cold storage portfolio.
The commercial leasing business’ top line inched up by 2.4 percent to P680 million on the back of improved mall occupancy.
“Our investments in leasing business segments have strengthened and diversified our industrial real estate portfolio,” ALLHC president and CEO Robert Lao said in a statement.
“We look to deliver on our healthy pipeline of leasable properties, which will increase our recurring revenue and enable us to establish a stronger foothold in the real estate logistics industry,” Lao added.
The company eyes to complete this quarter the first phase of the ALogis Artico Mabalacat cold storage in Pampanga province that will add 5,000 pallet positions to ALLHC’s portfolio.
It currently has at least 15,400 pallet positions across four facilities.
At the same time, the first phase of its ALogis Mabalacat warehouse will be completed this year, adding 7,700 square meters of gross leasable area.
Construction for the second phase, which will contribute an additional 18,000 sq m, is ongoing.
ALLHC is also engaged in data center development through A-FLOW, its joint venture with FLOW Digital Infrastructure.
In August, A-FLOW topped off the first building of its ML1 Data Center, which will have an initial capacity of 6 megawatts.
The data center located in Biñan, Laguna province is slated for operations within this quarter.