Robinsons Land Corp. (RLC) saw its nine-month net profit increase 13 percent year-on-year to P10 billion, driven by the strong performance of mall, office and hotel businesses.
RLC said in a disclosure to the stock exchange Thursday consolidated revenues in the nine-month period rose 4 percent to P31.42 billion from the same period last year.
Investment portfolio, which includes malls, offices, hotels and warehouse segments, delivered a 14-percent growth in revenues to P24.05 billion.
Development portfolio, which includes residential business, recorded P7.37 billion in realized revenues in the same period.
“Our earnings for the first nine months have demonstrated agility, with continued positive growth in our bottom line. This performance is a testament to the strength and diversity of our business within RLC. We remain optimistic about our overall growth prospects, as our business segments are resilient and sustainable,” said RLC chairman, president and chief executive Lance Gokongwei.
The mall business saw a 12-percent increase in revenues in the three quarters of 2024 to P13.16 billion, driven by strong rental income, higher occupancy from new malls, rental escalations in fixed rent and increase in tenant sales.
Office leasing improved topline result with a 7-percent increase in revenues to P5.92 billion on the back of rental growth and higher occupancy rate.
Hotels and resorts (RHR) sustained their upward trajectory, posting a 33-percent growth in revenues to P4.32 billion on robust growth across all brands. The company has 26 hotel facilities with over 4,000 room keys.
Meanwhile, the group’s logistics and industrial facilities saw a 36-percent increase in revenues to P649 million.
The residential division booked P3.13 billion in net sales in the first nine months of the year.
RLC spent P17.83 billion in capital expenditures in the first nine months and holds a landbank of 838 hectares, sufficient for over 10 years of development
