Robinsons Land Corp., the property arm of the Gokongwei Group, reported a 47-percent increase in net profit in the first nine months to P6.44 billion, fueled by rising business activity and improving operating conditions.
RLC said in a disclosure to the stock exchange nine-month consolidated revenues rose 41 percent to P30.88 billion, on higher sales from office leasing and mall businesses.
The company said that in the third quarter, net income grew 38 percent to P990 million.
“We sustained business recovery despite the re-imposition of stricter quarantine restrictions in August. As we head into the last quarter of the year, we are encouraged by the waning number of COVID-19 cases in the country, the progress of the government’s vaccination program, and increased mobility,” RLC president and chief executive Frederick Go said.
Sales from its mall business improved 14 percent in the third quarter on easing mobility restrictions. The company opened its 53rd shopping mall in La Union. Robinsons Place La Union is also its third mall in the llocos Region.