Malls, offices, hotels boost RLC bottom line
Gains from its mall, office and hotel businesses lifted the first-quarter net income of Robinsons Land Corp. (RLC) by 4 percent to P3.48 billion, although lower revenues tempered growth.
The Gokongwei-led developer on Monday disclosed its top line in the first three months was flat at P11.03 billion, as it came from a high base last year.
“We began the year with strength and momentum, anchored by our solid and growing recurring income backbone,” RLC president and CEO Mybelle Aragon-GoBio said.
Robinsons Malls was the main revenue contributor at P4.72 billion, up by 6 percent on higher tenant sales and foot traffic.
The office segment also booked a 6-percent rise in its top line to P2.02 billion, mostly due to rental growth. RLC has 32 office buildings with a total gross leasable area of 793,000 square meters.
Despite an elevated base, revenues at Robinsons Hotels and Resorts (RHR) jumped by 12 percent to P1.51 billion on “solid growth in both international and company-owned brands.”
RHR has 26 hotels with over 4,000 room keys.
RLC Residences’ realized revenues fell by 31 percent to P1.95 billion, implying lower payment collections and slower project progress. Net sales takeup, meanwhile, surged by a quarter to P846 million.
