Robinsons Land posts P1.74 billion earnings in Q1

MANILA, Philippines — Robinsons Land Corp. (RLC), the property development company of the Gokongwei Group, reported a net income of P1.74 billion in the first quarter, down from a year ago although the company remains optimistic on recovery.

Operating income from domestic operations rose by 12 percent to P2.29 billion in the first quarter.

RLC president and CEO Frederick Go said the encouraging signs of recovery across all the company’s businesses solidify the company’s optimism in RLC’s future growth prospects.

“Our strong fundamentals and solid balance sheet will boost recovery momentum, driving us closer to pre-pandemic performance. We will push to capitalize on opportunities to accelerate growth and deliver long-term sustainable value,” he said.

Robinsons Malls registered a 19 percent jump in revenue to P2.67 billion, accounting for 40 percent of consolidated revenues.

Robinsons Offices, meanwhile, delivered stable results with a 12 percent growth in revenues to P1.77 billion.

“This steady performance is primarily driven by the strength of its portfolio, which consists of quality assets in strategic locations with a wide geographic dispersion and strong clientele base,” RLC said in its report.

With the easing of travel restrictions and the re-opening of the country’s tourist destinations, the company’s hotel business, Robinsons Hotels and Resorts (RHR) exceeded 2021 revenues by 30 percent to P335 million during the period.

Laying the groundwork for the anticipated resurgence of the tourism sector, RHR completed Go Hotels Plus Naga, Go Hotels Plus Tuguegarao and Summit Hotel Naga, bringing total room keys to over 3,400.

Robinsons Logistics and Industrial Facilities continued to capture demand for industrial spaces as it more than doubled its leasing revenues to P135 million versus the same period last year.

The integrated developments division recorded P57 million in revenues from the sale of parcels of land to joint venture entities.

RLC Residences and Robinsons Homes reported a 166 percent jump in revenues on a quarter-on-quarter basis to P1.41 billion on the account of higher full equity sales but down 31 percent year on year.

The company’s investment portfolio continued to rebound strongly with a double-digit topline growth for the first three months. Led by the mall and office businesses, revenues jumped 19 percent to P4.92 billion.

This as more regions, including Metro Manila, transitioned to the lowest COVID-19 alert level.

The company’s property development portfolio, meanwhile, generated P1.77 billion in realized revenues, a decline of 86 percent due to the recognition of revenues from China last year.

RLC booked P10.45 billion in revenues from its Chengdu Ban Bian Jie project in China following the completion of handover activities for phase 1.

During the quarter, RLC spent P5.32 billion for the development of malls, offices, hotels and warehouse facilities, acquisition of land, and construction of its residential projects for its local operations.