Despite revenue dip, RLC income up 29% in Q3
ROBINSONS LAND Corp. (RLC) grew its attributable profit by 29% during the July to September period, as cost efficiencies in operations offset a slight dip in revenues.
In a regulatory filing, the Gokongwei group’s property business said its net income attributable to the parent stood at P1.65 billion in the third quarter, higher than the P1.28 billion it realized in the same period in 2016.
RLC managed to offset a 9% drop in revenues to P5.62 billion with a reduction in costs from the real estate segment, which recorded lower expenses for advertising, promotions and commissions, among others.
Amid the positive performance for the third quarter, RLC’s net income attributable to the parent was flat at P4.56 billion in the nine months ending September, compared to the P4.50 billion reported in the same period in 2016. Revenues were also flat at P16.64 billion. —