Robinsons Land Corp. (RLC), the property arm of the Gokongwei Group, said Friday its first-quarter net income ballooned by 53 percent to P4.07 billion on the back of a double-digit growth in sales and one-time gain on reclassification of its GoTyme investment.
Minus the impact of the one-off item, RLC’s first-quarter income still expanded 21 percent to P3.34 billion, the company said in a stock exchange filing.
First-quarter consolidated revenues rose 19 percent to P11.03 billion from the same period last year boosted, by double-digit growth from its residential, mall and hotel businesses.
“Our remarkable first-quarter results following a record-breaking year is a testament to the successful execution of our strategic initiatives. Bolstered by our robust fundamentals and strong balance sheet, we remain steadfast in our pursuit toward sustained growth and innovative strategies,” said RLC chairman, president and chief executive Lance Gokongwei.
RLC’s mall business posted a 14-percent increase in revenues to P4.45 billion in the first three months of the year on higher occupancy from both existing and new malls and sustained consumer spending.
Total mall leasable space stands at 1.62 million square meters, with over 8,400 retailers and a 93 percent system-wide occupancy rate.
RLC’s hotels and resorts posted a 54-percent growth in revenues to P1.35 billion on sustained resurgence of the tourism sector.
The company’s hotel portfolio consists of 26 hotel facilities and four franchisees. Its property development portfolio generated P3.13 billion in realized revenues in the first quarter, up 25 percent year-on-year.
This was fueled by higher revenue recognition from RLC Residences and earnings from equity shares in joint venture projects.
RLC Residences net sales take-up reached P684 million in the first quarter, while joint ventures net sales take-up amounted to P3.81 billion.
Meanwhile, RLC’s office segment managed to register a 3-percent growth in sales to P1.9 billion, driven by steady rental growth in majority of its high-quality office developments.
