MANILA -- Ayala Land Inc. subsidiary Ayala Land Logistics Holdings Corp (ALLHC) said its net income reached P354 million in the first 9 months of the year.

Revenues came in at P2.1 billion, as domestic demand for industrial lots remained strong.

The company said sales reservations reached P1.4 billion, already 10 percent higher year-on-year.

For the third quarter, however, they said revenues fell 31 percent, mainly due to early stage completion of newly-launched projects.

Warehouse leasing was also down 2 percent, earning P510 million in revenues, due to lower average occupancy during the period. Cold storage, however, was a bright spot, growing its topline by 45 percent to P129 million from the same period in 2022.

Commercial leasing, meanwhile, was flat for the period at P664 million.