AYALALAND Logistics Holdings Corp. (ALLHC) saw its first-half net income plunge 89.5 percent to P11 million, from P105 million a year earlier, as weaker industrial lot sales offset growth in its leasing businesses.
Consolidated revenues fell 11.1 percent year-on-year to P1.6 billion 26 from P1.8 billion in the same period last year.
Industrial lot sales also dropped 44 percent to P489 million, compared with P869 million a year earlier when strong sales of lots at Laguindingan Technopark boosted the business.
The decline came despite continued customer interest in the company’s industrial developments.
Sales reservations reached P791 million, up 11 percent from last year, providing visibility for future revenue recognition as payment milestones were achieved.
ALLHC’s leasing businesses, meanwhile, generated P1.1 billion in revenue, up 13 percent year-on-year from P948 million.
Cold storage was the fastest-growing leasing business, with revenue nearly doubling 99 percent to P243 million on higher utilization across most facilities.
Warehouse leasing revenue increased nine percent to P391 million as occupancy across the portfolio improved.
Commercial leasing, however, declined six percent to P438 million, reflecting softer occupancy during the period.
The company’s industrial estate portfolio includes Laguna Technopark, Cavite Technopark, Pampanga Technopark, Batangas Technopark and Laguindingan Technopark in Misamis Oriental.
On Tuesday, ALLHC’s share price was unchanged at P1.21 each.