By Jenniffer B. Austria
Robinsons Land Corp., the property arm of the Gokongwei Group, reported Wednesday a 130-percent increase in third-quarter net income to P2.05 billion from a year ago as business units delivered positive earnings.
RLC said in a disclosure to the stock exchange the higher net income in the third quarter pushed nine-month net income to P6.74 billion, up by 6 percent from the same period last year.
Consolidated revenues in the first nine months climbed 17 percent to P35.77 billion, driven by increased commercial leasing, accelerated consumption recovery in the malls and improved sales recognition of domestic residential projects.
“The strong recovery of our investment portfolio fueled the company’s growth in the first nine months. With the economy inching closer to full reopening, RLC is benefitting from the overall improvement in consumer sentiment going into the holiday season,” RLC president and chief executive Frederick Go said.
Mall revenues grew 54 percent to P9.25 billion amid the resurgence of foot traffic in physical stores and the continuous return to normal business operations nationwide.
Total mall revenues surged 95 percent in the third quarter to P3.54 billion. Office business generated revenues of P5.28 billion, up 12 percent from a year ago on rental escalations and a steady occupancy rate.
Total office gross leasable space reached 707,000 square meters as of end-September.
The group’s hotels and resort business saw revenues improve by 65 percent to P1.39 billion in the first nine months on easing of travel restrictions, resurgence of domestic tourism and reopening of international borders.
The residential business also posted an 8-percent increase in realized revenues to P6.31 billion.
Reservation sales went up 33 percent to P10.53 billion in the nine-month period on new project launches.