RLC income up by 6% to P6.7 billion

MANILA, Philippines — Gokongwei-owned Robinsons Land Corp. (RLC) reported a net income of P6.74 billion from  January to September this year,  up six percent from a year ago.

This was on the back of consolidated revenues of P35.77 billion for the period, up 16 percent, driven by increased commercial leasing, accelerated consumption recovery in the malls, and improved sales recognition of domestic residential projects.

“This was bolstered by the recognition of revenues from phase 2 of the Chengdu Ban Bian Jie project in China,” RLC said in its regulatory filing.

Third quarter net income after tax reached P2.05 billion on  contributions from its investment portfolio, which comprises the malls, offices, hotels, and industrial facilities, RLC also said in its financial report.

RLC president and CEO Frederick Go said the strong recovery of the company’s investment portfolio fueled the growth in the first nine months.

“With the economy inching closer to full reopening, RLC is benefitting from the overall improvement in consumer sentiment going into the holiday season. We are encouraged to keep pursuing our investment strategies to create long-term value for our shareholders,” Go said.

Across business segments, Robinsons Malls’ total revenues grew by 54 percent to P9.25 billion during the nine-month period as foot traffic in physical stores returned.

In the third quarter, total mall revenues surged by 95 percent to P3.54 billion as rental revenues grew by 126 percent to P2.45 billion, back to its pre-pandemic levels.

Robinsons Offices grew its nine-month revenues by 12 percent to P5.28 billion on the back of strong leasing activities for new buildings namely, Cybergate Iloilo 1, Cyber Omega in Ortigas Center, and Bridgetowne East Campus One in RLC’s Bridgetowne Destination Estate.

RLC’s office portfolio is now at 707,000 square meters of gross leasable area with a 92 percent leased percentage.

Robinsons Hotels and Resorts (RHR) improved revenues by 65 percent to P1.39 billion during the period.

Robinsons Logistics and Industrial Facilities (RLX),  meanwhile, posted industrial leasing revenues of P406 million, up 104 percent.

Robinsons Integrated Developments recognized revenues of P452 million from a portion of deferred gain on sale of land to joint venture entities.

For the residential business, new project launches lifted the combined net sales take-up of RLC Residences and Robinsons Homes by 33 percent to P10.53 billion during the period.

Realized revenues expanded by eight percent to P6.31 billion to account for 18 percent of consolidated revenues.

In terms of capital expenditures, RLC spent P19.72 billion during the period, used for the development of malls, offices, hotels and warehouse facilities, acquisition of land, and construction of its residential projects for its local operations.

The company remains on the lookout for joint venture opportunities with property owners and developers.