AyalaLand Logistics Holdings Corp. reported a net income of P185.7 million for the first nine months of 2020, 63% lower than its recorded P500 million net income due to continuing effects of COVID-19
Revenues were 26% lower at P2.35 billion from P3.17 billion in 2019
The company sees some recovery in operations as pandemic-related restrictions start to slowly ease
AyalaLand Logistics Holdings Corp. (ALLHC) posted a net income of P185.7 million for the first nine months of 2020, 63% lower than its P500 million net income in the same period last year.
Revenues for the January to September 2020 period registered at P2.35 billion, 26% lower than the P3.17 billion registered in the same period in 2019 due to the continuing effects of the coronavirus disease (COVID-19) pandemic.
“As pandemic-related restrictions slowly ease, we see some recovery in our operations,” ALLHC president and chief executive officer Maria Rowena Tomeldan said in a statement.
She added: “Interest remains from potential domestic buyers of our available Cavite, Laguindingan, and Pampanga industrial lots. Demand for our warehouses remains and construction for our additional facilities have resumed. For our malls, occupancy and foot traffic are gradually improving. We also launched our malls’ digital business initiatives as we navigate and adapt to the new normal.”
Revenues from industrial lot sales amounted to P511 million in the first nine months of the year, slightly lower than for the year prior, due to parcels sold at Laguindingan Technopark, ALLHC’s emerging industrial estate in Mindanao.
Warehouse leasing revenue improved 39% to P281.5 million from P203 million last year as the warehouse leasing segment remained stable in the third quarter of the year.
Commercial leasing revenues were down 38% to P369.3 million from P592 million in 2019 given restricted mall operations. In the third quarter, however, mall revenues began to bounce back with a 40% increase from the second quarter revenues to P108 million.
ALLHC’s commercial properties also created their online platforms, TutuBay and ANA South Park Personal Shopper, to offer mall patrons an alternate shopping experience while in the safety and convenience of their homes, and to provide merchants an additional channel for their product offerings.
Cost and expenses stood at P1.98 billion, a 26% decrease from the previous year.
ALLHC, a subsidiary of Ayala Land, Inc., has principal business interests in holding companies, commercial leasing, industrial lot sales and development, and retail electricity supply. Its subsidiaries include Laguna Technopark, Inc., Unity Realty Development Corporation, Orion Land, Inc., Tutuban Properties, Inc., LCI Commercial Ventures, Inc., and FLT Prime Insurance Corporation.