Industrial real estate firm AyalaLand Logistics Holdings Corp. on Tuesday reported a 37 percent decline in its net income for the first three quarters of the year at P354 million from P565 million a year ago.

In a stock report, ALLHC said consolidated revenues from January to September also plunged by 25 percent to P2.1 billion from P2.8 billion last year.

On the other hand, general revenues were reported at P834 million, which was 31 percent lower than the previous year's P1.2 billion due to early-stage completion of newly launched projects.

Warehouse leasing recorded P510 million in revenues, a 2 percent decline versus last year, as an effect of lower average occupancy during the period.

"We remain focused on our strategies and plans to continue building our diversified industrial real estate portfolio. Our commitment to long-term success is evident in our forthcoming project launches and expansions, which will be integral in growing our recurring revenue business and our industry presence," ALLHC President & Chief Executive Officer Robert S. Lao said in the report.

Notably, the company said in the report that domestic demand for industrial lots remains strong with sales reservations totaling at P1.4 billion, 10 percent higher than last year's nine-month period.

ALLHC leased a total of 51,000 square meters of space in ALogis Calamba to logistics companies in May and September of this year. With an occupancy rate of 88 percent, management expects overall occupancy to rise in the fourth quarter as tenants begin operations.

Cold storage revenues grew by 45 percent to P129 million from P89 million in the same period last year, due to the addition of the ALogis Artico Mandaue facility to the portfolio and higher overall commercial leasing revenues, which remained flat at P664 million.

ALLHC launched Phase 3 of its Pampanga Technopark industrial township, with this phase being registered with the Board of Investments as an industrial zone last September.

According to ALLHC, the company remains on track to deliver its target of an additional 10,000 pallet positions from the ongoing ALogis Artico projects in Santo Tomas, Batangas, and Mabalacat City, Pampanga.

Construction for ALogis facilities in Naic and Mabalacat covering 15,000 square meters is also in full swing, along with the company's first build-to-suit facility within Cavite Technopark.