Robinsons Land Corp. (RLC) reported a third-quarter profit of P3.3 billion, up 19 percent from the same period last year on strong performance of its leasing businesses and a significant rebound in residential unit sales.
The strong quarter helped lift RLC’s nine-month net income to P10.17 billion, up 2 percent year-on-year. Third-quarter consolidated revenues climbed 25 percent to P12.58 billion, bringing nine-month consolidated revenues up 13 percent to P35.61 billion.
Excluding a one-time gain from the reclassification of its GoTyme investment last year, attributable income for the nine-month period rose by 10 percent year-on-year.
“Our performance this quarter underscores the strength and resilience of our core businesses. Despite a more competitive environment and strategic reinvestments, we sustained healthy profitability and expanded our revenue base,” RLC president and chief executive Mybelle Aragon-GoBio said in a statement to the stock exchange Monday.
The revenues from the group’s investment portfolio, which includes malls, offices and hotels expanded by 9 percent, while the development portfolio, consisting of high-rise and horizontal residential projects, delivered a 28-percent growth.
Realized residential revenues surged 247 percent in the third quarter to P3.11 billion. This lifted realized revenues for the nine-month period to P7.84 billion, a 76-percent increase year-on-year. Robinsons Residences posted nine-month net sales of P4.06 billion, up 30 percent from a year ago, with an additional P2.29 billion from joint ventures.
Leasing businesses also performed robustly. Robinsons Malls registered total revenues of P14.55 billion, an 11-percent increase from the previous year, backed by a steady 7-percent same-mall rental growth. Robinsons Offices generated P6.24 billion in revenues, reflecting a 5-percent growth year-on-year, supported by rental escalations.
Robinsons Hotels and Resorts (RHR) delivered a 10-percent increase in revenues to P4.74 billion, led by the strong performance of all brands, particularly its newly opened international hotels, Fili and NUSTAR. System-wide occupancy stood at a solid 66 percent on sustained travel demand.
 reported a 19 percent jump in third-quarter profit to P3.3 billion, driven by double-digit revenue growth in its leasing portfolio (malls, offices, hotels) and a significant 76 percent surge in nine-month realized residential revenues.){kind=link}