RLC earnings up 10% on mall growth

Mybelle V. Aragon-GoBio Appointed as President and CEO of Robinsons Land Corporation

MANILA, Philippines – Despite a challenging residential market, strength in the mall segment boosted the net income of Gokongwei-led Robinsons Land Corp. (RLC) last year by 10 percent to P13.21 billion.

In a stock exchange filing on Friday, the Gokongwei-led developer said its revenues inched up by 2 percent to P42.88 billion, buoyed by its investment portfolio of malls, offices, hotels and logistics.

“Despite headwinds, we remained agile, leveraging our diverse portfolio and strong balance sheet to drive profitability,” RLC president and CEO Mybelle Aragon-GoBio said in their disclosure.

READ: RLC names GoBio its first woman CEO

Broken down per segment, Robinsons Malls recorded an 11-percent gain in its top line to P17.96 billion due to higher foot traffic and tenant sales.

Robinsons Offices, meanwhile, ended the year with P7.95 billion in revenues, up by 8 percent, on the back of rental growth across its developments.

Improvement in all its brands buoyed the revenues of Robinsons Hotels and Resorts by 31 percent to P6 billion.

At the same time, net sales at RLC Residences dipped by 5 percent to P20.18 billion, reflecting the challenging environment for the residential sector.