Gokongwei-led Robinsons Land Corp. posted a 14-percent year-on-year growth in first semester net profit to P3.33 billion as both investment and development portfolios fueled earnings growth.
For the second quarter alone, net profit rose by 16 percent year-on-year to P1.79 billion, RLC disclosed to the Philippine Stock Exchange.
Six-month consolidated revenue went up by 19 percent year-on-year to P13.1 billion, while overall cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) grew by 16 percent to P7 billion.
Earnings from RLC’s investment portfolio rose by 13 percent year-on-year in the first six months to P8.65 billion while income from the development portfolio surged by 33 percent to P4.45 billion.
The commercial centers division (shopping malls) posted an 11-percent revenue growth to P5.82 billion in the first six months. It generated 44 percent of RLC’s total business, driven by same mall rental revenue growth of 7 percent and the contribution from new malls.
As of end-June, RLC had 49 malls nationwide—nine in Metro Manila and 40 in the provinces.
Revenue from the office buildings division grew by 20 percent year-on-year in the first semester to P1.8 billion. This accounted for 14 percent of RLC’s total business.
As of end-June, RLC had 18 fully operational office buildings in six strategic locations within central business districts.
The hotel business generated P976.5 million in the first half, up by 6 percent from a year ago and accounting for 8 percent of total revenue.
RLC had a total of 2,652 room keys in 17 hotel properties as of end June. —DORIS DUMLAO-ABADILLA