Robinsons Land posts 90% income surge

REAL ESTATE firm Robinsons Land Corp. (RLC) reported a net income of P2.66 billion during the first quarter due to the strong performance of its business units, it said in a disclosure on Monday.

“We posted robust first-quarter numbers right after a record year. This is a result of the strategic initiatives we continue to pursue on the back of strong fundamentals and a solid balance sheet,” Robinsons Land President and Chief Executive Officer Frederick D. Go said in a statement.

The company placed the growth in its attributable net income for the quarter at 90%. Consolidated revenues increased by 39% to P9.28 billion compared to the prior year.

Its investment portfolio saw a 38% growth to P6.77 billion in the January-to-March period. This made up 73% of its consolidated revenues for the quarter, mainly driven by its malls and hotels.

For its property developments, the company reported a 42% rise in revenues to P2.51 billion due to improved revenue recognition from its residential business and earnings from equity shares in joint venture projects.

“The company expects its joint venture projects to be a meaningful contributor to its bottom line in the succeeding quarters,” Robinsons Land said.

RESULTS OF BUSINESS UNITSRobinsons Malls’ revenues went up by 46% during the three-month period to P3.91 billion, making up 43% of consolidated revenues for the period. Rental revenues jumped by 55% to P2.79 billion.

“Notwithstanding the strong impact of holiday shopping in the fourth quarter of 2022, mall revenues still managed to grow by 3% and rental revenues by 5%,” the company said.

Total leasable space for its malls stood at 1.6 million square meters (sq.m.) with over 8,000 retailers and a 91% system-wide occupancy rate.

Robinsons offices’ top line rose to P1.85 billion, up by 4% from the prior year, due to sustained occupancy rates in its high-quality office projects.

“The company’s office portfolio consists of 31 office buildings with 741,000 sq.m. of gross leasable space, located in major central business districts, key cities, and urban areas. 15 of its office assets have been infused into RLC’s flagship real estate investment trust,” it added.

Revenues from Robinsons Hotels and Resorts (RHR) saw a 162% growth to P879 million, while it reported a 70% surge from pre-pandemic revenues.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to P167 million and its earnings before income tax to P23 million.

“RHR is the largest hotel developer and operator in the Philippines with a multi-branded portfolio of 30 hospitality developments, including four (4) properties under franchise agreements,” the company said.

Robinsons Logistics and Industrial Facilities reported P137 million in revenues during the first quarter. Its EBITDA saw an 18% increase to P130 million.

The company also recorded property development revenues of P119 million due to the sales of parcels of land to joint venture entities, EBITDA for developments was at P46 million.

Meanwhile, RLC Residences and Robinsons Homes had a realized revenue of P2.38 billion, a 68% year-on-year surge. Earnings from equity shares of joint ventures were at P293 million.

Its net sales from reservations were at P5.62 billion, up 93.8% from P2.9 billion the prior year.

Residential sales from joint venture projects more than doubled to P4.98 billion.

For the first quarter, the company spent P4.52 billion in capital expenditures, which was used to develop its malls, offices, hotels and warehouse facilities, for the acquisition of land, and for the construction of its residential projects.

To date, the company has more than 800 hectares of land bank nationwide and continues to be on the lookout for the expansion of its various businesses.

On Monday, shares in Robinsons Land fell by 0.29% or four centavos to P13.96 apiece. — Adrian H. Halili