RLC profit up 13 percent in end-September

MANILA, Philippines — Gokongwei-led Robinsons Land Corp. (RLC) delivered a robust performance in the first three quarters, with profit rising by 13 percent year-on-year to P10.01 billion.

Strong showing across its investment properties enabled the listed developer to book revenues of P31.42 billion during the nine-month period, up four percent year-on-year.

“Our earnings for the first nine months have demonstrated agility, with continued positive growth in our bottom line. This performance is a testament to the strength and diversity of our business within RLC,” RLC chairman, president and CEO Lance Gokongwei said.

Gokongwei said RLC remains optimistic about its overall growth prospects moving forward as the group’s business segments continue to be resilient and sustainable.

Robinsons Malls registered a 12-percent jump in revenues in the nine months ending September, reaching P13.16 billion as a result of strong rental income, higher occupancy from new malls, rental escalations in fixed rent and increase in tenant sales.

RLC opened Opus Mall at its Bridgetowne Estate last July, marking its entry into the upscale market and bringing its mall portfolio to 55 lifestyle centers.

RLC’s total mall leasable space currently stands at 1.68 million square meters, featuring over 8,500 retailers.

Rental growth in majority of its high-quality office developments and healthy occupancy rate, meanwhile, bolstered Robinsons offices’ topline by seven percent to P5.92 billion.

Revenues of Robinsons hotels and resorts jumped by 33 percent to P4.32 billion due primarily to the continued growth across all brands, driven by international brands and the Fili Hotel, along with a robust contribution from food and beverage.  .