Robinsons Land Corp. said Thursday third-quarter net profit surged 49 percent to P3.06 billion, driven by the strong growth in its shopping mall and hotel business.
In the nine months to September, the property arm of the Gokongwei Group saw net income rise 31 percent to P8.84 billion.
Robinsons Land noted that the strong profit growth was achieved despite a high base due to the recognition of profits from the China project in 2022. Excluding the effect of the China profit from last year, the net income attributable to parent for the first three quarters of the year would have soared to a 64 percent year-on-year increase.
“We are delighted with the outstanding performance across our diversified portfolio of businesses. These results reflect our commitment to provide timely execution in pursuit of excellence, implement strategic initiatives, and unwavering dedication to providing quality and value to our stakeholders,” said Frederick D. Go, president and CEO of Robinsons Land Corporation.
Its consolidated revenue reached P30.21 billion. The total mall leasable space now stands at 1.6 million square meters, accommodating over 8,000 retailers.
Robinsons Hotels and Resorts experienced a revenue surge to a record breaking P3.25 billion in the first three quarters of 2023 due to a revival of meeting, conferences and exhibitions.
The company said its office business demonstrated stable topline results, achieving a 5 percent growth, totaling P5.54 billion.Robinsons office portfolio comprises 31 office buildings with a gross leasable space of 741,000 square meters. Notably, sixteen of these office assets had been infused into Robinsons’ flagship real estate investment trust, RL Commercial REIT, Inc.
