Thursday 14 November
Nov 5, 2019 @ 16:55

RLC 9-month profit rises to PP7.31B


Robinsons Land Corp. (RLC) grew its net income in the first nine months to P7.31 billion on the back of a 40% jump in revenues.

In a statement, RLC said revenues surged to P31.18 billion from only P22.24 billion as it started to realize revenues from its Chengdu Ban Bien Jie project in China.

Mall revenues rose 10% to P9.7 billion, driven by steady contributions from existing malls as well from new malls.

RLC ended September with a total of 52 malls. Galleria South in San Pedro Laguna opened last July.

The residential division posed solid results in the third quarter with net pre-sales soaring 65% to P6.34 billion. This resulted in record-breaking net pre-sales of P16 billion in January to September, up 42% year on year, driven by new project launches namely The Sapphire Bloc East Tower, Galleria Residences Cebu Tower 3, Cirrus and Sync coupled with sales of existing inventory.

Revenues from the office buildings division likewise delivered strong growth, rising 27% to P3.55 billion owing to higher rental revenues from existing buildings and successful leasing activities of new buildings Cyberscape Sigma, Cyberscape Gamma, Exxa Tower, and Zeta Tower.

The company is set to open Cyberscape Omega in the Ortigas Central business district and Giga Tower in the Bridgetowne Estate soon.

RLC’s hotels and resorts business chalked up revenues of P1.69 billion, 14% higher than the year ago due to contributions from new hotels namely Summit Hotel Tacloban, Go Hotel Iligan and Dusit Thani.

The industrial and integrated developments division, meanwhile, registered P77 million in revenues.

“This validates the company’s commitment to deliver earnings growth across all business segments we participate in. We continue to work towards improving future results for our shareholders”, said RLC president and CEO Frederick Go.

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