Gokongwei-led Robinsons Land Corp. (RLC) reported a 9-percent year-on-year decline in first semester net profit to P2.92 billion on slower earnings from real estate sales.
For the second quarter alone, net profit amounted to P1.52 billion versus P1.67 billion in the same period last year.
Based on RLC’s regulatory filing, total real estate revenues went up by 1 percent to P10 billion while hotel revenues rose by 7 percent to P919.2 million for the six-month period.
Revenues from real estate sales, however, fell by 11.9 percent to P3.02 billion in the first six months. In the second quarter, real estate sales increased by 6.3 percent to P1.69 billion.
The commercial centers division contributed 48 percent of six-month revenues amounting to P5.25 billion, up 6 percent due to rentals in lifestyle centers.
The residential division contributed 30 percent or P3.34 billion.
Office buildings contributed 14 percent or P1.5 billion, up by 9 percent.
The hotels division contributed 8 percent or P919.2 million, up by 7 percent year-on-year. —DORIS DUMLAO-ABADILLA