Robinsons Land reports 53% profit growth in Q1

Robinsons Land Corp. (RLC) said its attributable net income from January to March 2024 climbed 53 percent to P4.07 billion, following a double-digit growth in revenues, according to a report by Manila Times.

Minus a one-time gain on the reclassification of GoTyme investment, attributable earnings would have climbed 21 percent year on year to P3.34 billion, the property developer told the stock exchange.

Consolidated revenues, RLC said, surged 19 percent to P11.03 billion amid growth across business segments.

"Our remarkable first-quarter results following a record-breaking year are a testament to the successful execution of our strategic initiatives," RLC Chairman, President and Chief Executive Officer Lance Gokongwei said.

"Bolstered by our robust fundamentals and strong balance sheet, we remain steadfast in our pursuit toward sustained growth and innovative strategies," he added.

The company's investment portfolio, led by malls and hotel businesses, saw a 17-percent year-on-year jump in revenues to P7.9 billion, accounting for 72 percent of the topline.

Revenues from the property development portfolio, meanwhile, rose 25 percent to P3.13 billion, propelled by increased gains from RLC residences and earnings from equity shares in joint venture projects.

Robinsons Malls posted a 14-percent increase in revenues to P4.45 billion, driven by higher occupancy from new and existing malls, complemented by sustained consumer spending.

Currently, RLC has a total mall leasable space of 1.62 million square meters (sqm) with over 8,400 retailers and a 93-percent system-wide occupancy rate.

Robinsons Offices' first-quarter revenues inched up 3 percent to P1.9 billion, anchored on stable rental growth in most of its office developments.

The office portfolio consists of 32 buildings with 793,000 sqm of gross leasable area.

For Robinsons Hotels and Resorts, revenues expanded by 54 percent to P1.35 billion on the back of "solid performance across all segments."

RLC currently operates 26 hotel facilities and four franchisees.

Robinsons Logistics and Industrial Facilities, which had 10 industrial facilities located in Metro Manila, Rizal and Pampanga as of end-March 2024, saw its revenues balloon by 40 percent to P192 million.