REAL ESTATE firm Robinsons Land Corp. (RLC) posted P2.05 billion in net income in the third quarter, up by 127.8% from last year’s P990.39 million, driven by the strength of its investment portfolio.
In a press release on Wednesday, the company’s nine-month attributable net income climbed by 6% to P6.74 billion.
“The strong recovery of our investment portfolio fueled the company’s growth in the first nine months,” RLC President and CEO Frederick D. Go said.
Year to date, RLC’s consolidated revenues grew by 16% to P35.77 billion, which the company attributed to increased commercial leasing, recovery of its malls, and improved sales of its projects.
“This was bolstered by the recognition of revenues from Phase 2 of the Chengdu Ban Bian Jie project in China,” the company said.
BUSINESS UNITS’ RESULTS
Mall revenues in the third quarter increased by 95% to P3.54 billion, while rental revenues surged by 126% to P2.45 billion.
Year to date, Robinson malls’ total revenues climbed by 54% to P9.25 billion, which accounted for 26% of RLC’s consolidated revenues.
“Rental revenues jumped 70% following the resurgence of foot traffic in physical stores and the continuous return to normal for business operations nationwide,” the company said.
Robinsons offices’ topline rose to P1.72 billion in the third quarter, up by 10% from the level booked a year ago.
For the nine-month period, revenues from the office segment totaled P5.28 billion, up by 12% from last year.
“This steady performance is driven by rental escalations and the success of the company’s leasing activities for new buildings namely: Cybergate Iloilo 1, Cyber Omega in Ortigas Center, and Bridgetowne East Campus One in RLC’s Bridgetowne Destination Estate,” it said.
Revenues from Robinsons Hotels and Resorts grew by 65% to P1.39 billion for the nine-month period on higher average room rates and a resurgence of events.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed by 8% to P204 million as of September.
Industrial leasing rose by 104% to P406 million, which the company attributed to the full-year contribution of new industrial facilities.
Year-to-date EBITDA from Robinsons logistics and industrial facilities increased by 89% to P346 million.
Meanwhile, Robinsons’ integrated developments recognized revenues of P452 million, which the company said was from “a portion of deferred gain on sale of land to joint ventures.”
EBITDA from integrated developments was at P216 million for the nine-month period.
In the third quarter, RLC Residences and Robinsons Homes had combined net sales of P4.52 billion, which climbed 89% year on year, while realized revenues were 96% higher to P2.10 billion.
For the nine-month period, RLC Residences and Robinsons had combined net sales of P10.53 billion, up by 33% versus its showing in 2021.
Overseas, revenues from the second phase of RLC’s Chengdu Ban Bian Jie project reached P12.68 billion, which surpassed revenues from the first phase by 21%.
From January to September, RLC spent P19.72 billion of its capital expenditure budget on project developments, land acquisitions, and residential project constructions.
“With the economy inching closer to full reopening, RLC is benefitting from the overall improvement in consumer sentiment going into the holiday season. We are encouraged to keep pursuing our investment strategies to create long-term value for our shareholders,” Mr. Go said.
To date, the company has more than 800 hectares of land bank nationwide and continues to be on the lookout for the expansion of its various businesses.
RLC shares closed higher by 0.92% or P0.14 to P15.30 on Wednesday. — Justine Irish D. Tabile