RLC posts ₱5.26-B net income in 2020

Robinsons Land Corporation (RLC), one of the leading diversified real estate companies in the Philippines, reported a decline in net income to ₱5.26 billion last year, from the ₱8.7 billion earned in 2019, due to the impact of the pandemic.

However, in a disclosure to the Philippine Stock Exchange, the firm said it exhibited resilience and agility with recorded quarter-onquarter improvements in key operating indicators across its business units.

Net income in the fourth quarter of 2020 grew by 20 percent versus the previous quarter to end at ₱863 million.

Consolidated revenues registered at ₱25.40 billion last year, down 17 percent.

RLC’s Development Portfolio, accounting for 49 percent of consolidated revenues, increased by 30 percent to ₱12.26 billion to partially offset the decline from the Investment Portfolio which ended at ₱13.15 billion, 38 percent lower versus the same period last year.

Despite significant reduction in revenues, all business units generated positive EBITDA, displaying the healthy state of the Company’s diversified portfolio.

“Amid the challenges of 2020, we adopted new ways of working and embraced a mindset of innovation to continue serving our customers,” RLC President and CEO, Frederick Go said.

He added that, “We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile. As the business gradually recovers from the impact of community quarantines, we will continue to support our employees, business partners, and stakeholders.”

RLC’s Commercial Centers Division reported sustained improvements in operational GLA, number of operational tenants, and foot traffic in the fourth quarter.

For 2020, consolidated revenues ended at ₱5.96 billion, while EBITDA closed at ₱4.11 billion. RLC is optimistic that the malls business will continue to rebound as quarantine restrictions ease and vaccinations start.

Through successful leasing activities on new developments and rental escalations in existing office buildings, the Office Buildings Division increased revenues by 10 percent to ₱5.85 billion. EBITDA likewise grew 11 percent to ₱5.08 billion.

For its Residential Division, RLC recorded ₱12.13 billion full-year revenues, 33 percent higher versus the same period last year. EBITDA accelerated by 40 percent to ₱4.17 billion. Sales take-up reached ₱7.29 billion.