AYALALAND Logistics Holdings Corp. posted a 10% profit growth last year to P702 million, the listed holding firm said on Tuesday, despite a double-digit fall in revenues.
“The performance is driven by sale of industrial lots, stable warehouse and office leasing operations, and sale of non-core assets,” the company disclosed to the exchange.
AyalaLand Logistics, a subsidiary of property developer Ayala Land, Inc., focuses on providing services in real estate logistics and facilities.
Last year, its revenues fell by 30% to P3.72 billion from P5.35 billion in the previous year. Sales of industrial lots declined by 29% to P1.28 billion from P1.81 billion previously.
The firm also recorded a 39% fall in commercial leasing revenues to P520 million in 2020 from P854 million a year earlier.
Gross commercial leasing area increased by 23% last year to 90,000 square meters from 84,000 square meters in 2019.
The company said it was able to expand the gross leasable area of its warehouses by 18%, freeing up 207,000 square meters of warehouse spaces for lease from the 175,000 square meters available in the previous year.
As a result, the company’s total revenues from warehouse leasing rose by 23% to P353 million from P287 million in 2019.
“The [coronavirus disease 2019] crisis presented both challenges and opportunities. We believe our products are well-positioned to cater to the needs of our locators, lessees, and retail merchants, present and future,” AyalaLand Logistics President and CEO Maria Rowena M. Tomeldan said.
“We remain committed to be a co-catalyst for progress, providing real estate solutions and spurring economic activity in the areas where we are present,” she added.
The company said it would continue to pursue new projects in 2021.
In January, it started the second part of its warehouse construction in Cavite Technopark in Naic, Cavite.
Shares in AyalaLand Logistics declined by 1.29% on Tuesday, finishing at P3.07 apiece. — K. C. G. Valmonte