ALLHC net income up 10% in 2020

Ayala Land Inc. (ALI) subsidiary AyalaLand Logistics Holdings Corp. (ALLHC) on Tuesday reported a 10% climb in its bottom line in 2020, mainly driven by asset sales and leasing operations during the period.

ALLHC said its net income rose to P702 million to P641 million, even as revenues fell to P3.72 billion from P5.35 billion the previous year.

"The performance is driven by sale of industrial lots, stable warehouses and office leasing operations, and sale of non-core assets," the firm said in a disclosure to the local bourse.

Warehouses leasing revenues grew 23% to P353 million, as it grew its gross leasable area by 18% to end the year with 207,000 square meters while commercial gross leasable area climbed 7% to 90,000 square meters.

Meanwhile, industrial lot sales fell 29% to P11.28 billion while commercial leasing revenues dropped 39% to P520 million.

"The COVID-19 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," ALLHC president and chief executive officer Maria Rowena Tomeldan said in the disclosure.

"We remain committed to being a co-catalyst for progress, providing real estate solutions, and spurring economic activity in the areas where we are present," added Tomeldan.

ALLHC has interests in real estate and property development of industrial parks, commercial centers, leasing of warehouses, and providing logistics facilities.

Its subsidiaries include Orion Land Inc. (OLI), Orion Property Development Inc., LCI Commercial Ventures Inc., Laguna Technopark Inc., Unity Realty & Development Corp., Tutuban Properties Inc., and Ecozone Power Management, Inc.

Shares in the company closed Tuesday at P3.07 apiece, down by 4 centavos or 1.29% from Monday's finish of P3.11 per share.—AOL, GMA News