THE logistics arm of Ayala Land, Inc. (ALI) reported a 26% increase in attributable profit in the first quarter, driven by higher industrial lot sales and warehouse leasing revenues.

AyalaLand Logistics Holdings Corp. (ALLHC) booked an attributable net income of P143.41 million in the three-month period, up from P113.57 million in the same period a year ago.

Its consolidated revenues rose 21% to P1.19 billion on the back of larger contributions from lot sales and warehouse leasing.

Industrial lot sales surged 112% to P351.3 million and warehouse leasing revenues jumped 45% to P109.2 million.

Revenues from commercial leasing was flat at P185.7 million because of quarantine measures related to the coronavirus pandemic. It said in a statement it was forced to close Tutuban Center and South Park Center in mid-March when the government started implementing the enhanced community quarantine in Luzon.

Cost and expenses during the period stood at P930.22 million, up 12% from last year on higher operating expenses and cost of real estate sold.

“Our efforts to build up our assets in 2019 with additional industrial estates and logistics facilities have been notable in delivering these first quarter results. We believe that continuously growing and enhancing our assets will effectively bring the company forward,” ALLHC President and Chief Executive Officer Maria Rowena M. Tomeldan said in the statement.

Shares in ALLHC at the stock exchange shed four centavos or 2.37% to P1.65 each on Monday.

Meanwhile, ALI’s parent Ayala Corp. (AC) said it had paid taxes amounting to P9.86 billion ahead of the June 14 deadline to boost the government’s fund in supporting pandemic relief efforts.

In a statement, AC said it was trying to do its part in strengthening the public-private partnership to combat the virus outbreak.

“We are committed to help the President tackle the many challenges he has to deal with and are confident that by working together, our country can overcome each challenge, save lives, and gradually put the country back on a path of growth,” brothers Jaime Augusto and Fernando Zobel de Ayala said.

Shares in AC at the stock exchange lost P30 or 4.48% to P640 each on Monday. — Denise A. Valdez