Robinsons Land Corp., the property arm of the Gokongwei Group, on Friday reported a 25 percent year-on-year surge in first half net income to P7.25 billion, with double-digit gains in earnings from shopping malls, offices, hotels and warehouses more than making up for the slack in residential and joint venture projects.
Excluding a one-time gain from reclassifying its GoTyme investment, Robinsons Land’s net income attributable to the parent grew 9 percent in the first half to P6.52 billion.
Consolidated revenue climbed 9 percent to P21.33 billion, earnings from investment properties such as malls, office towers and hotels rose 15 percent to P15.86 billion. The development portfolio, driven by residential and joint venture project revenue, contributed P5.47 billion.
Total earnings before interest, taxes, depreciation and amortization rose 12 percent to P12.22 billion while EBIT increased 14 percent to P9.44 billion. EBITDA and EBIT margins improved to 57 percent and 44 percent, respectively.
Robinsons Malls reported a 12 percent revenue growth to P8.71 billion while Robinsons Offices’ revenue grew 6 percent to P3.92 billion o improved occupancy rates. Robinsons Hotels and Resorts experienced a 42 percent revenue surge to P2.85 billion, with significant increases in EBITDA and EBIT.
Robinsons Logistics and Industrial Facilities saw a 31 percent revenue increase to P385 million while Robinsons Destination Estates recorded P571 million in property development revenue.
RLC Residences reported P5.45 billion in net sales for the second quarter and launched Mira Tower 1 in Cubao, Quezon City, with a sales value of P4.40 billion.
Robinsons Land completed in early April an overnight block placement of 1.73 billion shares in RL Commercial REIT Inc., increasing RCR’s public float to 49.95 percent.
This transaction will enable RCR to acquire additional assets from RLC, including 11 malls and 2 offices, with Robinsons Land reinvesting the proceeds into local real estate projects.
