Gokongwei-led Robinsons Land Corp. (RLC) said business picked up in the third quarter with the easing of the tough pandemic-induced lockdown protocols that depressed earnings in the second quarter.
RLC’s July to September net profit amounted to P717 million, down by 78 percent year-on-year. This was, however, 38 percent higher than the second quarter net profit of P520 million.
For the nine-month period, RLC’s net profit amounted to P4.4 billion, lower by 39.7 percent than the level last year when the coronavirus pandemic had yet to hit the country.
“We are encouraged by the steady recovery of our businesses on the back of improving trends seen on a quarterly basis, as well as in October. Increasing customer engagement and the sustained interest from external partners give us confidence that business will continue to pick up in the coming months. For the remainder of the year, we will continue to focus on operational recovery while implementing strict safety protocols,” RLC president and chief executive officer Frederick Go said on Friday.
As quarantine restrictions are slowly lifted and more industries start to reopen, RLC reported that its core businesses—primarily its shopping malls—had seen an upswing in consumer demand and were beginning to show signs of recovery.
Amid quarantine procedures and public safety concerns, RLC said each of its business units prioritized digital transformation initiatives and generated positive cash flows.
In the first nine months, consolidated revenues reached P20 billion, down 11 percent from a year ago. Earnings of the company’s development portfolio, which accounted for 49 percent of consolidated revenue, rose by 33 percent to P9.84 billion, partially offsetting the 33-percent revenue decline posted by its investment portfolio to P10.17 billion.
Amid uncertainties from the prolonged pandemic, RLC kept a cash hoard of P20.77 billion, the highest in history.
The Robinsons Hotels and Resorts (RHR) Division developed innovative products in the mold of private offices and affordable, all-in accommodations as a response to unprecedented disruptions caused by the pandemic. RLC’s working-on-the-go private offices and home-to-go products are designed for employees with remote work arrangements and to alleviate struggles amid mobility restrictions and limited public transport.
Mainly catering to the essential business sectors as well as temporary accommodations of travelers, RHR managed to post revenues of P856.4 million in the first nine months.