Robinsons Land Corp. (RLC)., the property arm of the Gokongwei Group, said Friday net income attributable to its parent company increased 25 percent in the first six months of 2024 to P7.25 billion.
Excluding one-time gain on the reclassification of its GoTyme investment, RLC’s net income reached P6.52 billion, up 9 percent year-on-year, the property firm said in a disclosure to the stock exchange.
Consolidated revenues went up 9 percent to P21.33 billion from the same period last year on the back of a double-digit growth in sales across its mall, hotel and logistics businesses.
“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. 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,” said RLC chairman, president and chief executive Lance Gokongwei.
Mall sales jumped 12 percent to P8.7 billion on the back of strong rental revenues, driven by higher consumer spending while hotel revenues surged 42 percent to P2.85 billion, maintaining its upward trajectory with strong growth across all brands despite last year’s high base effect.
Office unit booked P3.9 billion in revenues, up by 6 percent year-on-year, boosted by the rental growth in majority of its high-quality office developments, while sales from joint ventures jumped 28 percent to P1.3 billion.
Residential sales declined 19 percent to P3.56 billion on declining inventory.
RLC Residences, the group’s residential unit, saw a strong recovery in net sales take-up in the second quarter, reaching P5.45 billion—an eightfold increase from the first quarter and one of the best performing quarters in the last six years.
RLC Residences recently launched Mira Tower 1 in Cubao, Quezon City with 539 units and a sales value of P4.40 billion.
The logistics business reported a 31-percent increase in sales to P385 million. RLC’s logistics portfolio consists of ten industrial facilities located within the periphery of Metro Manila, with a total of 244,000 square meters of gross leasable space.
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