RLC sees robust recovery after strong Q2 | Inquirer Business

RLC sees robust recovery after strong Q2

/ 02:26 AM August 12, 2022

Real estate giant Robinsons Land Corp. said it was poised for a “robust recovery” this year after profits jumped in the second quarter on the easing of pandemic restrictions.

The flagship property arm of the Gokongwei group said net income from January to June reached P5.36 billion, lower than the P5.45 billion recorded in the same period last year, but still ahead of prepandmeic profits by 34 percent.

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It underscored gains in the second quarter as net income grew 42 percent to P3.63 billion.

“With the economy moving towards full reopening, we continue to sustain our upward trajectory and exceed pre-pandemic earnings,” said RLC president and CEO Frederick Go.

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“As we move to the second half of the year, we are encouraged by the strong recovery of our malls and hotels, sustained increase in residential sales, the resilience of our office and industrial businesses, and the overall strength of our diversified portfolio,” he added.

“With the continued nationwide easing of quarantine restrictions, the company is poised for robust recovery as economic activity rebounds and overall consumer sentiment improves,” Robinsons Land said.

The builder said growth was driven by its investment portfolio, which includes its shopping mall and office leasing business, whose revenues climbed 37 percent and 12 percent, respectively.

Revenues expanded 29 percent to P10.35 billion in the first half compared to the same period in 2021 while earnings before interest, taxes, depreciation, and amortization (ebitda) was up 29 percent.

The investment portfolio contributed 38 percent of total revenues, 65 percent of overall ebitda, and amortization, and 52 percent of consolidated operating income.

The property development segment generated P17.14 billion in realized revenues in the first half of 2022.
This was primarily driven by the recognition of revenues from the Chengdu Ban Bian Jie project in China and the improved sales recognition of domestic residential projects.

“We remain upbeat on our future growth prospects anchored on improved business environment and the country’s stable macroeconomic fundamentals,” Go said.

Robinsons Land spent P12.45 billion in capital expenditures for expansion and the acquisition of land in the first six months. To date, the developer has over 800 hectares of land bank nationwide.

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TAGS: economic reopening, recovery, Robinsons Land
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