Robinsons Land Corp., the diversified real estate unit of the Gokongwei Group, reported first half net income increasing 23 percent to P5.78 billion, powered by strong consumer spending and recovery of domestic tourism.
It said that if gains last year from its Chengdu Ban Bian Jie project in China were excluded, first half net income would be 71 percent higher.
Robinsons Land said consolidated revenues stood at P19.63 billion in the first half.
Investment portfolio contributed 71 percent to total revenue and 72 percent of consolidated operating income, driven by the continued resurgence of its mall and hotel businesses.
In the first six months of the year, Robinsons Malls’ revenue increased 36 percent to P7.76 billion due to improved occupancy rates and higher consumer spending. Total mall leasable space spans over 1.6 million square meters and 8,000 retailers.
Robinsons Hotels and Resorts increased revenue 2.5 times to P2 billion in the first half on higher occupancy and room rates. RHR is the largest hotel developer and operator in the Philippines with a multi-branded portfolio of 30 hospitality developments, including four properties under franchise agreements.
