Gokongwei-led Robinsons Land Corp. booked an 11-percent year-on-year decline in first quarter net profit to P1.38 billion due to a slump in earnings from residential development.
Total real estate revenues went down by 2 percent year-on-year to P4.98 billion in the first quarter, RLC said in a regulatory filing on Thursday.
The commercial centers division contributed 49 percent or P2.69 billion to RLC’s gross revenues. This segment grew by 11 percent, driven by same mall rental revenues which grew by 3 percent while RLC’s new malls – Robinsons General Trias, Robinsons Tagum, and Robinsons Place Jaro – started contributing revenues.
Amusement revenue went up by 29 percent year-on-year to P484.4 million in the first three months.
The residential division contributed 29 percent or P1.55 billion to total revenues. This led to a 27.7 percent year-on-year decline in revenues from real estate sales to P1.33 billion.
The office property portfolio contributed 14 percent of group-wide earnings or about 14 percent amounting to P734.2 million. This business grew by 8 percent year-on-year.
RLC’s hotels business contributed 8 percent or P456 million to the company’s revenues. This business grew by 6 percent.