Robinsons Land Q2 earnings up 16%

Robinsons Land Corp. (RLC) delivered a 16% increase in attributable profit during the second quarter of 2018, fueled by the performance of its residential, commercial, and hospitality segments.

In a regulatory filing, the Gokongwei-led property developer said net income attributable to the parent reached Php1.79 billion, higher than the Php1.54 billion it realized in the same period a year ago. This followed a 20% increase in revenues to Php6.74 billion.

For the first semester, RLC’s attributable profit jumped by 14% to Php3.33 billion, while revenues went up 19% to Php13.1 billion.

The listed firm’s commercial centers division contributed bulk of its gross revenues at Php5.82 billion, or 11% higher year-on-year. This was driven by same-mall rental revenue growth, as well as the contribution of new malls including Robinsons Place Iligan, Robinsons Place Naga, Robinsons North Tacloban, Robinsons Place Ormoc, and Robinsons Place Pavia.

Last June, the company opened its 50th mall in the country located in Tuguegarao, adding 38,000 square meters (sq.m.) to the company’s leasable space portfolio. Robinsons Place Tuguegarao covers 60,000 sq.m. in terms of gross floor area. RLC expects to end the year with 1.508 million sq.m. in gross leasable area for its mall business.

The residential segment generated Php4.45 billion in revenues for the first half, up 14% year-on-year. It launched three residential towers, namely Magnolia Tower D, Radiance Manila Bay South, and Acacia Aurora Escalades during the first semester, with plans to unveil two more in the second half.