Robinsons Land’s income grows 42% to P3.6B

Robinsons Land Corp. (RLC) reported a 42% increase in its consolidated net income to P3.63 billion in the second quarter driven by the recovery of its investment portfolio and revenues from its China project.

“With the economy moving towards full reopening, we sustain our upward trajectory and exceed pre-pandemic earnings,” RLC President and Chief Executive Officer Frederick D. Go said in a press release on Wednesday.

In the first half, the company recorded profits of P5.36 billion. It said the figure already surpassed pre-pandemic values by 34%. Its top line rose by 29% to P10.35 billion. 

Its property development portfolio contributed P17.14 billion in realized revenues in the first half mainly driven by its Chengdu Ban Bian Jie project in China and improved sales in its domestic residential projects.

RLC recognized revenues of P12.67 billion from the second phase of its project in China in the first half, higher by 21% than revenues recognized from the first phase last year. 

The company recently added another 24,000 square meters (sq.m.) to its mall portfolio via its Robinsons Place Antipolo expansion, bringing total mall leasable space to 1.58 million sqm.

Meanwhile, Robinsons Offices registered a 12% increase in its revenues to P3.56 billion in the first six months of the year.

“Its stable topline performance is driven by rental escalations and the success of the Company’s leasing activities for new buildings,” RLC said.

Robinsons Hotels and Resorts showed improvement in revenues with a 53% growth to P806 million in the first half.

In the first half, RLC completed three new hotels: Go Hotels Naga, Go Hotels Tuguegarao, and Summit Hotel Naga.

Robinsons Logistics and Industrial Facilities’ leasing revenues in the first half surged by 111% to P269 million.

To date, it has seven industrial facilities with 167,000 sq.m. of total gross leasable space.

Meanwhile, Robinsons Integrated Developments posted P266 million in revenues “from a portion of deferred gain on sale of land to joint venture entities.”

Realized revenues of RLC Residences and Robinsons Homes rose by 97% to P2.79 billion while its net sales increased by 7% to P3.1 billion. 

“We remain upbeat on our future growth prospects anchored on improved business environment and the country’s stable macroeconomic fundamentals,” Mr. Go added.

On the stock market on Wednesday, shares of RLC went down by 14 centavos or 0.78% to P17.74 apiece. — Justine Irish DP. Tabile