Robinsons Land Corp. said net income rose 14 percent in the first half of the year to P3.32 billion from P2.91 billion year-on-year, driven by the strong performance of its leasing business.
Robinsons Land said in a disclosure to the stock exchange consolidated revenues climbed 18 percent to P13 billion in the first two quarters of the year from P11 billion a year ago.
The property company’s mall business, which accounted for 44 percent of the total revenues, posted first-half sales of P5.81 billion, up 11 percent on year, due to same mall rental revenue growth.
Rental revenue from newly-opened malls, namely Robinsons Place Iligan, Robinsons Place Naga, Robinsons North Tacloban, Robinsons Place Ormoc and Robinsons Place Pavia also contributed to the group’s positive first-half performance.