“Heading into 2021, we expect to sustain the gradual recovery of our businesses as quarantine restrictions ease and consumer confidence starts to bounce back. We will continue to provide relevant real estate solutions, while prioritizing health and safety”, said Frederick Go, president of RLC.
The company reported a 20% jump in profit in October to December 2020 to P863 million.
On a full year basis, however, net income declined to P5.26 billion from P8.69 billion in 2019 due to disruptions from the COVID-19 outbreak.
The residential business pumped in P12.13 billion in revenues, up 33% year on year as sales take-up reached P7.29 billion.
Revenues from the commercial centers segment amounted to P5.96 billion on re
sustained improvements in operational GLA, number of operational tenants and foot traffic in the fourth quarter.
RLC is confident the malls business will continue to rebound as quarantine restrictions ease and vaccinations start.
Revenues from the office buiildings division rose 11% to Php5.08 billion.
Meanwhile, the Industrial and Integrated developments division contributed P262 million to total revenues, up 90%.
Revenues from the sale of commercial and industrial lots amounted to P133 million.
The hotels and resorts division chipped P1.08 billion.
“Amid the challenges of 2020, we adopted new ways of working and embraced a mindset of innovation to continue serving our customers. We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile,” Go said.