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AyalaLand Logistics’ profit down 9% to P178 million as revenues dip

AYALALAND Logistics Holdings Corp.’s attributable net income went down by 9.4% to P178.12 million in the first quarter from P196.61 million in 2022.

In the three months ending March, the company’s top line reached P702.44 million, down 18.7% from P863.9 million. Around P276.47 million came from rental revenues, 14.6% higher than the P241.18 million booked in 2022, while real estate sales declined 23.6% to P241.74 million from P316.21 million last year.

“Cold storage and commercial leasing performances improved in the first quarter this year versus a year ago,” it said.

Revenues from cold storage during the quarter reached P40.19 million, a 44.4% increase from the P27.84 million booked a year ago, while commercial leasing revenues amounted to P147 million, 29% higher than the P113.6 million in 2022.

Cost and expenses were lower, amounting to P471.4 million in the first three months of the year, a 23.6% decrease from the P616.85 million recorded last year.

The company said it is expecting an acceleration in sales and to finish upgrades on its warehouse in Calamba in the second quarter.

“The company expects accelerated conversions of reservations and booking industrial lot sales in the second quarter. On warehouse leasing, the full completion of the warehouse units’ ongoing upgrade of ALogis Calamba is in May,” the company said in its quarterly report.

In the first three months of the year, the company spent a total of P673 million on capital expenditures.

On Tuesday, shares of the company slipped by a centavo or by 0.35% to P2.86 each. — J.I. D. Tabile

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