August 10, 2024 | 12:00am
MANILA, Philippines — Gokongwei-led Robinsons Land Corp. (RLC) saw its profit increase by a quarter in the first half, driven by the solid performance of investment properties.
RLC reported a 25-percent increase in net income attributable to parent to P7.25 billion during the six-month period.
Excluding one-time gain on the reclassification of its GoTyme investment, net income attributable to parent grew by nine percent to P6.52 billion.
“We are pleased to report a strong net income growth for the first half of the year. This is a testament to the timely implementation of our strategic initiatives and our sustained operational excellence,” RLC chairman, president and CEO Lance Gokongwei said.
The company generated revenues of P21.33 billion during the period, up by nine percent year-on-year, with its investment portfolio posting a double-digit topline growth.
Revenues of RLC’s investment portfolio, composed of the malls, offices, hotels and warehouse segments, accelerated by 15 percent to P15.86 billion, which accounted for 74 percent of consolidated revenues.
Strong rental revenues, driven by higher consumer spending, allowed Robinsons Malls to increase revenues by 12 percent to P8.71 billion.
Robinsons Offices’ revenues rose by six percent to P3.92 billion fueled by the rental growth in majority of its high-quality office developments and improved occupancy rate.
For its hotels and resorts portfolio consisting of 26 hotel facilities and four franchisees, first half revenues surged by 42 percent to P2.85 billion on the back of solid performance across all segments..
RLC’s development portfolio, meanwhile, registered P5.47 billion in realized revenues in the first half, driven by revenue recognition from residential division and earnings from equity shares in joint venture projects.
The company’s residential division, RLC Residences, reported a strong recovery in net sales take-up in the second quarter at P5.45 billion, an eightfold increase from the first quarter.
RLC said the strong performance brings its net sales take-up to P6.14 billion for the first half.
“We remain committed to delivering value to our customers and shareholders and we are optimistic about our growth prospects for the remainder of the year,” Gokongwei said.
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