Robinsons Land Corp., the property unit of the Gokongwei Group, booked a net income of P5.45 billion in the first six months of 2021, up 48 percent from P3.68 billion in the same period last year, on the recovery of core businesses.
RLC said in a disclosure to the stock exchange Friday first-half revenues rose 55 percent to P26 billion from P16.7 billion a year ago.
The property firm said customer activity in malls, offices, hotels, industrials, as well as property development and residential businesses has been increasing despite the pandemic.
RLC said earnings from its residential business in Chengdu Ban Bian Jie project in China, as well as from the sale of parcels of land within the Bridgetowne Destination Estate boosted profits in the first half of the year.
“Our performance for the first half of the year is a testament to the success of our strategic initiatives, which positions the Company for recovery and growth. Amidst the very challenging business environment, we continue to pursue new opportunities and agile innovations to deliver sustainable value to all our stakeholders,” said RLC president and chief executive Frederick Go.
The company’s malls business, which contributed 16 percent to total revenues, booked P4.19 billion in sales, down 16 percent from P4.96 billion in the same period last year, due to mobility restrictions.
The residential division contributed sales of P4.73 billion to the company’s revenues, down 40 percent versus last year’s level, as the quarantine restrictions continued to disrupt construction activities.
“We expect to continue posting gradual improvements over time as the economy pulls out of a construction lull and demand for residential units rebounds,” RLC said
The office building division continues to deliver stable revenues for the company, generating sales of P3.1 billion, up three percent from a year ago level.
The group this year plans to complete five new office developments in Iloilo, Bacolod, Pasig and Cebu that will expand the office leasing portfolio.
Meanwhile, the company’s hotels and resorts group registered revenues of P525.7 million, down 20.4 percent from a year ago level, as most of its hotels operate as temporary homes for returning Overseas Filipino Workers (OFWs) and guests under quarantine.
RCL this year plans to complete four new hotels that will increase total room keys to 3,459.
