Robinsons Land Corporation (RLC) reported a 9-percent increase in net income for the first quarter, reaching P4.4 billion from P4.01 billion last year.
Total revenues rose 11 percent to P12.28 billion, driven mainly by stronger contributions from its property development businesses.
RLC prrsident and CEO Mybelle V. Aragon GoBio said the company’s shift toward recurring income sources and strong cash reserves helped support steady earnings growth.
The company’s investment portfolio remained its biggest earnings contributor, generating P9.2 billion in revenues, up 8 percent year-on-year.
Shopping malls led the segment with P5.1 billion in revenues, up 7 percent. Office revenues increased 8 percent to P2.2 billion due to stable occupancy and lease escalations.
Hotel revenues climbed 14 percent to P1.7 billion, boosted by international brands and the hotels of Nustar Resort and Casino. Logistics revenues were unchanged at P269 million.
Meanwhile, revenues from RLC’s development portfolio rose 22 percent to P3.1 billion.
Residential projects drove growth, with revenues surging 39 percent to P2.7 billion due to faster construction progress and higher revenue recognition. Residential net sales reached P3.74 billion, including P3.29 billion from joint ventures.
However, equity earnings from joint ventures dropped 46 percent to P181 million because of lower inventory levels. Revenues from destination estates also declined 28 percent to P161 million due to project timing.
RLC said capital expenditures for the quarter reached P3.25 billion, slightly higher than the P3.23 billion spent in the same period last year.
