MANILA, Philippines — Robinsons Land Corp. (RLC) grew its third quarter net income by 96 percent to P3.2 billion.
This brought the company’s nine-month profit up by 44 percent to P6.6 billion.
Consolidated revenues expanded by 31 percent to P21.8 billion on the back of the sustained performance of the investment portfolio which rose by 14 percent to P13.2 billion.
This was driven by the strong performance of the malls and offices divisions.
The development portfolio registered a 72 percent jump in revenues to P8.7 billion.
RLC president Frederick Go attributed the impressive growth to strong residential sales and significant gains in land sales to newly formed joint ventures with Asian property conglomerates.
“The strong earnings is a result of the strategic initiatives we initiated to respond to the market and the creation of new revenue streams for the company,” Go said.
Outside the country, RLC has commenced pre-selling of its residential high-rise apartments in China.
To date, 740 of 795 units or over 90 percent of the condominiums have been booked.
The infrastructure and integrated developments division, which builds warehouses for lease, sells institutional lots and acquires vast tracks of land, registered revenues of P2.2 billion.
RLC also beefed up its investment portfolio with the renovation, expansion and new locations of malls.
Total mall leaseable space is now 1.4 million square meters.
The office division now has 18 operational sites with a total net leasable area of 440,000 sqm.
The company is also undertaking a massive buildup of its hotels and resorts division to allow it to compete in the very challenging and crowded segment.