Robinsons Land Corp., a diversified real estate firm in the Philippines, said Friday net income last year rose 24 percent year-on-year to P12.06 billion, fueled mainly by shopping malls and hotels operation and gains from various joint ventures.
Excluding the impact of the China profit from 2022, the net income attributable to Robinsons Land would have surged by 45 percent year-on-year.
For the fourth quarter alone, the company saw net profit rise 7 percent to P3.22 billion.
Consolidated revenue for last year reached P42.02 billion, down 8 percent as a result of the substantially-higher recognized revenue contribution from China’s Ban Bian Jie development project. Less the impact of the China gains, revenue would have been higher by 28 percent.
“We are delighted with the outstanding performance demonstrated across our real estate businesses which propelled us to reach record breaking heights. These achievements underscore our steadfast dedication to delivering excellence through timely execution, strategic initiatives, and an unwavering commitment to delivering quality and value to all our stakeholders,” said Lance Gokongwei, chairman, president and chief executive officer of Robinsons Land.
The investment portfolio contributed 69 percent of Robinson Land’s revenues, totaling P28.82 billion.
