Robinsons Land 9-month profit up 31%
MANILA -Gokongwei-led Robinsons Land Corp. booked a 31-percent profit spike to P8.84 billion during the first nine months of the year as major business segments posted strong growth.
The builder, part of the family conglomerate JG Summit Holdings, said on Thursday total revenue from January to September this year hit P30.21 billion.
Robinsons Land said the earnings jump came despite coming from a high profit base thanks to income from its China project last year.
“We are delighted with the outstanding performance across our diversified portfolio of businesses,” Robinsons Land president and CEO Frederick D. Go said in a statement on Thursday.
“These results reflect our commitment to provide timely execution in pursuit of excellence, implement strategic initiatives, and unwavering dedication to providing quality and value to our stakeholders,” he added.
Growth during the period was driven by Robinsons Malls, which saw revenues climb by 27 percent to P11.78 billion. This accounted for 39 percent of total revenues during the nine-month period.
New project launches during the first three quarters of the year fueled sales take-up of RLC Residences and Robinsons Homes by 64 percent to P17.3 billion.
Realized revenues jumped 34 percent to P8.44 billion, which was supported by higher collections, faster construction progress, and strong equity earnings contribution from joint venture projects, the builder said on Thursday.
Robinsons Offices booked a 5 percent revenue increase to P5.54 billion.
Its office portfolio comprises 31 office buildings with a gross leasable space of 741,000 square meters located in major central business districts, key cities, and urban areas.
Robinsons Hotels and Resorts saw revenue soar 134 percent to P3.25 billion.
“Higher average room rates, increased food and beverage sales, and the revival of meetings, incentives, conferences, and exhibitions events positioned RLC’s hospitality business on a trajectory for solid financial performance,” the company said.
