Robinsons Land rides on economic reopening

Robinsons Land Corporation / FILE

Gokongwei-led Robinsons Land Corp. (RLC) saw earnings climb in the first nine months, with momentum expected to continue through the end of the year.

The property giant said net income from January to September rose 6 percent to P6.74 billion while total revenues jumped 16 percent to P35.77 billion. The company said growth came from commercial leasing, malls and residential sales.

“The strong recovery of our investment portfolio fueled the company’s growth in the first nine months. With the economy inching closer to full reopening, RLC is benefiting from the overall improvement in consumer sentiment going into the holiday season,” RLC president and CEO Frederick Go said in a statement.

“We are encouraged to keep pursuing our investment strategies to create long-term value for our shareholders,” he added.

Gains were led by shopping malls, which grew revenues by 54 percent to P9.25 billion. For the third quarter alone, total mall revenues jumped 95 percent to P3.54 billion as rentals returned to prepandemic level.

Moreover, RLC Residences and Robinsons Homes’ reservation sales, an indicator of future revenue trajectory, rose 33 percent to P10.53 billion while realized revenues hit P6.31 billion, up 8 percent.

In the third quarter alone, realized revenues nearly doubled to P2.1 billion, while net sales take-up shot up 89 percent to P4.52 billion.

Robinsons’ offices grew 12 percent to P5.28 billion also on higher leasing fees and contributions from new projects.

Robinsons completed Cybergate Galleria Cebu in the third quarter, increasing its gross leasable area by 20,000 square meters to 707,000 sqm. The segment ended the period with a 92-percent occupancy rate, the builder added.

Robinsons hotels and resorts also improved revenues by 65 percent to P1.39 billion during the first three quarters on higher rates and the rise in conventions and events.

RLC completed three new hotels: Go Hotels Plus Naga, Go Hotels Plus Tuguegarao and Summit Hotel Naga. It also owns Fili Hotel at NuStar, a homegrown luxury hotel, in Cebu. Its logistics and industrial facilities ended the nine-month period with revenues of P406 million, up 104 percent. The unit has seven industrial facilities with 167,000 sq m of total gross leasable space. —Miguel R. Camus INQ