Prime Orion Philippines Inc., a unit of Ayala Land Inc., posted a three-fold growth in net income in the first half of the year to P70 million, boosted by the industrial park and real estate logistics businesses.
Prime Orion said in a disclosure to the stock exchange first-half revenues more than doubled to P925.9 million from P271.9 million year-on-year on robust sales of industrial lots, improved rental income from warehouse facilities and higher earnings from commercial properties.
The company achieved the positive first-half results three months after it announced plans to venture into the real estate logistics and industrial estate development with the acquisition of the 460-hectare Laguna Technopark Inc.
Prime Orion is also operating the 118-hectare Cavite Technopark in Cavite and Tutuban Center in Manila.
“We are very happy with our first-half result. With the recent acquisition of majority stake in Laguna Technopark Inc., we continue to evolve and transform POPI into a real estate logistics-focused business,” Prime Orion president and chief executive Maria Rowena Tomeldan said.
Prime Orion posted a net income of P64.3 million in the second quarter, up nearly 500 percent from P10.7 million on year.
Prime Orion has earmarked a new phase in LTI, an 11-hectare warehouse and logistics facilities in Biñan, Laguna and the phased redevelopment of its 14-hectare Lepanto warehouse in Calamba, Laguna to sustain the growth momentum,
“We believe we are taking concrete steps towards jobs and skills creation. These will hopefully empower the local economy and benefit more communities. Moving forward we plan to grow beyond our current footprint of Tutuban, Muntinlupa, Calamba, Sta. Rosa and Naic to further develop industrial estates and logistics facilities,” Tomeldan said.
Prime Orion earlier said it planned to add two more industrial parks under by the first quarter of 2019, aiming to become the country’s leading industrial park and real estate logistics developer.
The company said it would launch a 100-hectare industrial park in Cagayan de Oro this year and acquire at least another 100-hectare property in Central Luzon to be developed as an industrial park.
