Robinsons Land posts P2.6-B profit as core businesses recover

ROBINSONS Land Corp. (RLC) recorded a second-quarter net income of P2.56 billion, up nearly fourfolds from the level a year earlier, the Gokongweis’ real estate company said in a statement on Thursday.

“Despite unstable circumstances, RLC reported increasing customer activity and engagement in its malls, offices, hotels, industrials, as well as property development and residential businesses,” the listed company said.

For the first semester, net income climbed by 48% to P5.45 billion. Consolidated revenues jumped 55% to P26 billion from P16.7 billion.

RLC President and Chief Executive Officer Frederick D. Go described the company’s first-half showing as “a testament to the success of our strategic initiatives.” He said these moves position the firm 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,” he said.

RLC said its strong growth during the semester was driven the continued recovery of its core businesses with a 51% climb in net income. It also cited the earnings from its Chengdu Ban Bian Jie project in China and the sale of parcels of land within the Bridgetowne Destination Estate.

The company said its financial position “remains solid” with more than P11.98 billion in cash and cash equivalents, and net gearing ratio of only 0.39x.

During the period, its total assets stood at P214.14 billion while shareholders’ equity was at P106.90 billion.

Article and Photo originally posted by Business World last August 6, 2021, 12:04am.