Robinsons Land Corp., the property unit of the Gokongwei Group, said net income in the first nine months of 2018 jumped 43 percent to P6.55 billion, boosted by strong residential sales.
Robinsons Land said in a financial report filed with the Philippine Stock Exchange real estate revenues increased 33 percent to P20.36 billion against last year’s P15.26 billion, while hotel revenues grew eight percent to P1.48 billion.
The group’s commercial centers division, which accounted for 40 percent of total revenues, climbed 13 percent to P8.8 billion due to same mall rental revenue growth and contribution from newly-opened malls.
The residential division contributed 30 percent or P6.52 billion to the company’s revenues, up 29 percent year-on-year.
Revenues from office buildings division rose 17 percent to P2.78 billion from last year’s P2.38 billion, while those from hotels and resorts division registered an 8-percent increase to P1.48 billion.
Robinsons Land’s fifth division, infrastructure and integrated developments, division contributed 10 percent to total revenues at P2.24 billion.
Real estate costs increased 29 percent to P8.55 billion, while hotel expenses rose 17 percent to P1.16 billion due to the expenses of the new hotels.
Robinsons Land posted a net income of P3.22 billion in the third quarter alone, up 95 percent from P1.65 billion in the same quarter last year.
Third-quarter revenues rose 59.6 percent to P8.24 billion from P5.16 billion in 2017.
Robinsons Land this year finalized two joint venture agreements, one with Shang Properties Inc. and the other with Hong Kong Land Group.
The joint venture with Shang Properties involves the development of a 9,118-square-meter property situated at McKinley Parkway corner 5th Avenue and 21st Drive at the Bonifacio Global City in Taguig City.
The project is intended to be a mixed-use development and may include residential condominium units, serviced apartments and commercial retail outlets.
The joint venture with Hong Kong Land Group, meanwhile, involves the acquisition and development of a 18,037 square-meter property in Bridgetown East into a residential project.