GOKONGWEI-LED Robinsons Land Corp. (RLC) reported a 19% increase in its third-quarter (Q3) attributable net income to P3.30 billion, driven by higher residential sales and steady leasing revenues from malls and office properties.
Revenues for Q3 rose 25% to P12.58 billion, the company said in a disclosure on Monday.
“Excluding its one-time gain due to the reclassification of its GoTyme investment last year, attributable income rose by 10% year on year, reflecting the underlying strength of RLC’s core operations,” it said.
As of end-September, RLC’s nine-month attributable net income was up 2% to P10.17 billion, while consolidated revenues increased 13% year on year to P35.61 billion.
The company said its development portfolio grew by 28% in the first nine months, driven by a 76% jump in organic residential sales, while its investment portfolio, which includes malls and offices, expanded by 9%.
Robinsons Residences recorded a 30% increase in net sales to P4.06 billion from organic projects, while joint ventures contributed an additional P2.29 billion.
In the first nine months, Robinsons Malls reported an 11% increase in total revenues to P14.55 billion, with rental revenues up 10% to P10.27 billion, supported by 7% same-mall rental growth and higher foot traffic. The segment maintained a 94% occupancy rate across 1.7 million square meters of leasable space.
Robinsons Offices recorded a 5% rise in revenues to P6.24 billion as of end-September, backed by rental escalations and new IT-BPM tenants. Q3 office occupancy improved quarter on quarter to 88%.
“Our performance this quarter underscores the strength and resilience of our core businesses,” RLC President and Chief Executive Officer Mybelle V. Aragon-GoBio said.
“Despite a more competitive environment and strategic reinvestments, we sustained healthy profitability and expanded our revenue base,” she added.
The hospitality segment, Robinsons Hotels and Resorts (RHR), posted a 10% increase in nine-month revenues to P4.74 billion, following strong performances in flagship five-star properties such as Fili and NUSTAR. RHR currently manages 4,000 room keys across 27 hotels.
Robinsons Logistics and Facilities posted a 2% increase in nine-month revenues to P661 million, operating 13 industrial facilities across key logistics hubs in Luzon.
Robinsons Destination Estates reported P674 million in property development revenues from deferred land sales to joint ventures.
As of end-September, RLC’s consolidated assets rose 4% to P273.2 billion, while loans payable fell 21% to P41.91 billion, following the settlement of P13.8 billion in maturing debt during the nine-month period.
In September, RLC raised P7.75 billion from an overnight block placement of shares in its real estate investment trust unit, RL Commercial REIT, Inc. (RCR), which will be used to fund capital expenditures under its reinvestment plan. Its total market capitalization reached P141.92 billion after the infusion of nine mall assets into RCR.
At the local bourse on Monday, RLC shares rose 0.82% or P0.12 to close at P14.80 each. — Beatriz Marie D. Cruz
