Robinsons Land posts 42% jump in Q2 profit to P3.63 billion

MANILA, Philippines — Gokongwei-owned property company Robinsons Land Corp. (RLC) reported a 42 percent growth in consolidated net income to P3.63 billion in the second quarter.

This brought its net income in the first six months to  P5.36 billion in the first half, surpassing pre-pandemic numbers by 34 percent.

The accelerating recovery of RLC’s investment portfolio, and amplified by revenues from Phase 2 of its Chengdu Ban Bian Jie project in China contributed to growth.

Revenues grew 29 percent to P10.35 billon, propelling EBITDA and EBIT to rise by 29 percent and 56 percent, respectively.

RLC president and CEO Frederick Go said that with the economy moving toward full reopening, the company continues to sustain its upward trajectory and exceed pre-pandemic earnings.

“As we move to the second half of the year, we are encouraged by the strong recovery of our malls and hotels, sustained increase in residential sales, the resilience of our office and industrial businesses, and the overall strength of our diversified portfolio,” Go said.

He said the company remains upbeat on future growth prospects anchored on improved business environment and the country’s stable macroeconomic fundamentals.

Robinsons Malls recorded a 37 percent increase in revenues in the first half on the back of increased consumer spending and improved foot traffic.

Delivering a 12 percent increase in revenues, Robinsons Offices contributed P3.56 billion or 13 percent of consolidated revenue.

With the resurgence of domestic tourism and reopening of international borders, Robinsons Hotels and Resorts (RHR) likewise improved revenues by 53 percent to P806 million.

Robinsons Logistics and Industrial Facilities (RLX)  also continued to make important progress in its pursuit of becoming a market leader in the industrial and logistics sector.

Industrial leasing revenues grew by 111 percent to P269 million as a result of the full-year contribution of new warehouse facilities.

To-date, RLX has seven industrial facilities with 167,000 square meters of total gross leasable space.

RLC spent P12.54 billion in capital expenditures for the development of malls, offices, hotels and warehouse facilities, acquisition of land, and construction of its residential projects for local operations.