Robinsons Land Q2 earnings up 16%

ROBINSONS Land Corp. (RLC) delivered a 16% increase in attributable profit during the second quarter of 2018, fueled by the performance of its residential, commercial, and hospitality segments.

In a regulatory filing, the Gokongwei-led property developer said net income attributable to the parent reached P1.79 billion, higher than the P1.54 billion it realized in the same period a year ago. This followed a 20% increase in revenues to P6.74 billion.

For the first semester, RLC’s attributable profit jumped by 14% to P3.33 billion, while revenues went up 19% to P13.1 billion.

The listed firm’s commercial centers division contributed bulk of its gross revenues at P5.82 billion, or 11% higher year-on-year. This was driven by same-mall rental revenue growth, as well as the contribution of new malls including Robinsons Place Iligan, Robinsons Place Naga, Robinsons North Tacloban, Robinsons Place Ormoc, and Robinsons Place Pavia.

Last June, the company opened its 50th mall in the country located in Tuguegarao, adding 38,000 square meters (sq.m.) to the company’s leasable space portfolio. Robinsons Place Tuguegarao covers 60,000 sq.m. in terms of gross floor area.

RLC expects to end the year with 1.508 million sq.m. in gross leasable area for its mall business.

The residential segment generated P4.45 billion in revenues for the first half, up 14% year-on-year. It launched three residential towers, namely Magnolia Tower D, Radiance Manila Bay South, and Acacia Aurora Escalades during the first semester, with plans to unveil two more in the second half.

RLC also saw P1.8 billion in contributions from the office buildings division, 18% higher year-on-year. Hotel business contributed P976.5 million in revenues, as system-wide occupancy rate of 64% helped boost revenues by six percent.

Net leasable area from RLC’s office segment stood at 405,000 sq.m. at the end of 2017, which it targets to expand by 28% to 518,000 sq.m. this year. The company is scheduled to open Exxa, Zeta, and Cyberspace Gamma office towers in Ortigas Center before the year ends.

RLC is further growing the office segment with the addition of Giga Tower, Cybergate Galleria Cebu, Cybergate Magnolia, and Delta Tower Two by 2019, bringing its total NLA to 613,000 sq.m. by then.

Meanwhile, RLC’s infrastructure and integrated developments division contributed P57.4 million for the period.

Shares in RLC shed 2.43% or 50 centavos to close at P20.10 each at the stock exchange on Wednesday. —