Robinsons Land Corporation (RLC) continues to strengthen its position as a leading real estate developer in the Philippines, with a remarkable 49% increase in income, reaching P3.06 billion in the third quarter of 2023.
This boosts the company’s net profit for the first three quarters to P8.84 billion, marking a 31% rise compared to the same period last year. Notably, this impressive performance was achieved despite a high baseline set by the recognition of profits from its China project in 2022.
Adjusting for the impact of the China profit from the previous year, the net income attributable to the parent company would have shown a substantial 64% year-on-year increase over nine months.
Robinsons Malls, the foundation of RLC’s retail business, witnessed a substantial 27% increase in revenues, reaching P11.78 billion and contributing 39% to the company’s consolidated revenues.
Rental revenues also displayed robust growth, surging by 32% due to strong consumer spending and the normalization of business operations nationwide, surpassing pre-pandemic levels by 6%.
Robinsons Hotels and Resorts (RHR) achieved an exceptional revenue surge of 134%, setting a record revenue of P3.25 billion in the initial three quarters. Meanwhile, Robinsons Offices delivered stable topline results, achieving a 5% growth from the previous year, totaling P5.54 billion in the first nine months.
Sales take-up of RLC Residences and Robinsons Homes recorded a substantial 64% increase, amounting to P17.30 billion in the nine-month period.
While consolidated revenues stood at P30.21 billion, showing a decrease from last year’s P35.77 billion, RLC president and chief executive Frederick Go expressed satisfaction with the outstanding performance across their diverse portfolio.
“We are delighted with the outstanding performance across our diversified portfolio of businesses,” said RLC president and chief executive Frederick Go.
“These results reflect our commitment to provide timely execution in pursuit of excellence, implement strategic initiatives, and unwavering dedication to providing quality and value to our stakeholders,” he added.
