Robinsons Land posts ₱7.31-B net profit

Robinsons Land Corp. (RLC), one of the Philippines’ leading real estate companies, registered a 12 percent growth in consolidated net income to P7.31 billion for the first nine months of 2019 from P6.56 billion in the same period last year.

The firm disclosed that its consolidated revenues ballooned by 40 percent to P31.18 billion versus P22.24 billion in the same period last year as third quarter saw the Company start to realize revenues from its Chengdu Ban Bien Jie project in China.

RLC’s investment portfolio which accounts for 47 percent of RLC’s total revenues and is underpinned by the Company’s rental incomes continues to post steady revenue growth of 14 percent year-on-year.

The development portfolio contributed 53 percent of the company’s revenue and saw a significant revenue growth of 78 percent, driven mainly by the China project as well as RLC’s domestic residential businesses.

“This validates the company’s commitment to deliver earnings growth across all business segments we participate in. We continue to work towards improving future results for our shareholders,” said RLC President and CEO Frederick Go.

RLC’s consolidated mall revenues increased by 10 percent to P9.70 billion while revenues from the Office Buildings division reached P3.55 billion, 27 percent higher than last year.

The firm’s Hotels and Resorts (RHR) Division revenues was up by 14 percent to PHP1.69 billion while its warehouse business under the Industrial and Integrated Developments Division (IID) registered revenues of P77 million in the first nine months of the year.

RLC’s Residential Division posted strong performance in the third quarter of the year as net pre-sales surged 65 percent to P6.34 billion from P3.85 billion same period in 2018 resulting to recordbreaking net pre-sales of P15.99 billion in the first nine months of the year, up 42 percent year-on-year.