Robinsons Land net income grows 12%
The nine-month net income of Robinsons Land Corp. (RLC) grew 12 percent to P7.31 billion mostly from rental income and sales of houses and lots.
Consolidated revenues for the nine-month period surged by 40 percent year-on-year to P31.18 billion as the company started to realize revenues from its Chengdu Ban Bien Jie project in mainland China in the third quarter of 2019.
RLC’s investment portfolio – which accounts for 47 percent of total revenues and is underpinned by rental income – grew by 14 percent year-on-year.
The real estate development portfolio contributed 53 percent of the business and saw a significant revenue growth of 78 percent, driven mainly by the China project as well as RLC’s domestic residential businesses.
“This validates the company’s commitment to deliver earnings growth across all business segments we participate in. We continue to work towards improving future results for our shareholders”, RLC president and CEO Frederick Go said./TSB