Robinsons Land earns 20% more to P4 B
Robinsons Land Corp. (RLC) saw its earnings rise by a fifth in the first half to P4 billion behind robust revenues during the period.
RLC’s consolidated revenue for the first semester went up by 13 percent to P14.79 billion from P13.10 billion, while overall EBITDA grew by 15 percent year-on-year to P8.02 billion.
The property arm of the Gokongwei family said the growth was driven by steady performance of the investment portfolio which reached P9.89 billion and accounted for 67 percent of consolidated revenue during the six-month period.
The company’s development portfolio has also improved to P4.89 billion, led by the residential division and commercial lot sales.
“We continue to post strong earnings growth as we remain optimistic about new opportunities. We look forward with much enthusiasm to an even better financial performance in the near future,” RLC president and CEO Frederick Go said.
RLC said its commercial center division posted an 11 percent year-on-year growth in consolidated mall revenues to P6.45 billion in the first half, driven by strong rental revenue all across the existing malls.
The firm’s office buildings division also continued to post strong topline growth of 29 percent to P2.3 billion due to the higher rental revenues from existing buildings and successful leasing activities of new buildings.
RLC’s hotels and resorts division recorded an 11 percent increase in revenues to P1.08 billion behind contribution from new hotels opened this year and last year, namely Summit Hotels Tacloban, Go Hotels Iligan and Dusit Thani.
Overseas, the Chengdu Ban Bien Jie project has seen significant progress in a short period of time and RLC expects that recognition of revenues from the project will take effect in the third quarter.
RLC currently has 766 hectares of land bank all across the country.
The company said it continues to search for properties to acquire all over the country for the expansion of its various businesses, while also remaining open to engage with property owners and developers for joint venture projects.