Robinsons Land Corporation (RLC), a leading real estate company in the Philippines, improved its attributable net income by six percent to P6.74 billion in the first nine months of the year as earnings in the third quarter soared.
In a disclosure to the Philippine Stock Exchange, the firm said attributable net income spiked 130 percent to in the third quarter versus the same period last year.
Net income after tax reached P2.05 billion on robust contributions from its investment portfolio, which comprise of the malls, offices, hotels, and industrial facilities.
For the nine-month period, RLC grew consolidated revenues by 16 percent to P35.77 billion this year, driven by increased commercial leasing, accelerated consumption recovery in the malls, and improved sales recognition of domestic residential projects.
This was bolstered by the recognition of revenues from Phase 2 of the Chengdu Ban Bian Jie project in China. Earnings per share (EPS) attributable to parent is already at 85 percent of full-year 2021 earnings.
“The strong recovery of our investment portfolio fueled the Company’s growth in the first nine months. With the economy inching closer to full reopening, RLC is benefitting from the overall improvement in consumer sentiment going into the holiday season. We are encouraged to keep pursuing our investment strategies to create long-term value for our shareholders,” said RLC President and CEO Frederick D. Go.
Robinsons Malls grew total revenues by 54 percent to P9.25 billion to account for 26 percent of the Company’s consolidated revenues in the first nine months of 2022.
Rental revenues jumped 70 percent following the resurgence of foot traffic in physical stores and the continuous return to normal for business operations nationwide.
Meanwhile, Robinsons Offices achieved stable topline results in the first nine months of 2022 with a 12 percent growth from a year ago to P5.28 billion. This steady performance is driven by rental escalations and the success of the Company’s leasing activities for new buildings.
With the significant easing of travel restrictions, resurgence of domestic tourism, and reopening of international borders, Robinsons Hotels and Resorts (RHR) improved revenues by 65 percent to P1.39 billion in the first nine months of 2022.
Higher average room rates, increased F&B sales, and the resurgence of MICE events positioned RLC’s hospitality business for a strong recovery.
Notwithstanding pre-operating expenses from new hotel developments, EBITDA climbed 8 percent to P204 million as third quarter 2022 EBIT reversed back into the black for the first time since the pandemic.
Robinsons Logistics and Industrial Facilities (RLX) said industrial leasing revenues in the first nine months of 2022 soared by 104 percent to P406 million year-on-year, as a result of the full-year contribution of new industrial facilities.
Both EBITDA and EBIT escalated by 89 percent to end at P346 million and P250 million, respectively.
Meanwhile, Robinsons Integrated Developments recognized revenues of P452 million from a portion of deferred gain on sale of land to joint venture entities. EBITDA and EBIT settled at P216 million and P213 million, respectively.
New project launches lifted the combined net sales take-up of RLC Residences and Robinsons Homes by 33 percent to P10.53 billion in the first nine months of 2022.
Realized revenues expanded by 8 percent to P6.31 billion to account for 18 percent of consolidated revenues. EBITDA and EBIT ended at P2.39 billion and P2.31 billion, respectively.
RLC recognized revenues of P12.68 billion from Phase 2 of its Chengdu Ban Bian Jie project, exceeding revenues recognized from Phase 1 in 2021 by 21 percent. Furthermore, US$25 million had been paid-out as dividends following the repatriation of 99.78 percent of RLC’s $225-million invested capital.
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The article was originally published in Manila Bulletin and written by James A. Loyola.