RLC’s net income soars as business units report strong revenue growth

ROBUST REVENUES across all business segments boosted Robinsons Land Corp.’s (RLC) by 49% to P3.06 billion in the third quarter.

“We are delighted with the outstanding performance across our diversified portfolio of businesses. These results reflect our commitment to provide timely execution in pursuit of excellence, implement strategic initiatives, and unwavering dedication to providing quality and value to our stakeholders,” Frederick D. Go, president and chief executive officer of RLC, said in a regulatory filing on Thursday.

From January to September, the listed real estate company recorded an attributable earnings of P8.84 billion, 31% higher, which it said was achieved despite a high base effect due to the recognition of profits from its project in China last year.

The company added that its nine-month profit would have been higher by 64% if the China profit in 2022 were not factored in.

RLC recorded consolidated revenues of P30.21 billion as of September, with its investment portfolio accounting for the bulk of its top line at 70% share. The company’s investment portfolio amounted to P21.04 billion, while its development portfolio at P9.17 billion accounted for 30% of overall revenues.

For the second quarter, RLC’s attributable net income stood at P3.12 billion while its gross revenue for the period was recorded at P10.35 billion.

ROBUST BUSINESS SEGMENTSOf RLC’s businesses, Robinsons malls accounted for 39% of total revenues as its top line increased by 27% to P11.78 billion year on year.

Rental revenues, RLC said, soared 32% due to strong consumer spending as business activities began to normalize nationwide.

The diversified real estate company said its rental revenues surpassed pre-pandemic levels by about 6% as its total mall leasable space stood at 1.6 million square meters, which translates to more than 8,000 retailers.

Revenues from Robinsons hotels and resorts jumped 134% to P3.25 billion, while Robinsons offices reported revenues of P5.54 billion, up by 5% previously.

Robinsons logistics and industrial facilities recorded a 17% climb in revenues to P477 million. Currently, it owns eight industrial facilities.

Further, Robinsons integrated developments’ revenues stood at P714 million, which is a portion of a deferred gain on a land sale to joint venture entities.

Meanwhile, RLC said new project launches lifted the overall net sales take-up of  RLC residences and Robinsons homes to P17.3 billion, 64% higher year on year.

As of September, RLC Residences launched four new projects while also holding more than 800 hectares of land nationwide.

RLC said its residences segment is on the lookout for more property acquisition and joint venture opportunities.

At the local bourse on Thursday, shares in the company went up by 22 centavos or 1.55% to end at P14.40 apiece. — Ashley Erika O. Jose

Neil Banzuelo

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