Robinsons Land posted higher profit in third quarter

Robinsons Land Corp. (RLC) announced a 49-percent increase in net income in the third quarter of the year to P3.06 billion.

This brought the company's net profit in the first nine months of the year to P8.84 billion, up 31 percent compared to the same period last year.

This was achieved despite a high base due to the recognition of profits from its  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 an astounding 64 percent year-on-year increase.

"We are delighted with the outstanding performance across our diversified portfolio of businesses," Frederick D. Go, president and chief executive of RLC said.

"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," he said.

RLC's  consolidated revenues reached P30.21 billion, lower from last year's P35.77 billion.

Robinsons Malls, the cornerstone of RLC's retail business, demonstrated remarkable growth, with total  revenues surging by 27 percent to P11.78 billion, contributing 39 percent to the company's consolidated revenues.

The rental revenues experienced an impressive 32 percent  increase, propelled by strong consumer spending and the normalization of business operations nationwide.

RLC's  rental revenues is already 6 percent above prepandemic levels.

Robinsons Hotels and Resorts (RHR) experienced a revenue surge of 134 percent and registered a record breaking revenue of P3.25 billion in the first three quarters of 2023

Robinsons Offices demonstrated stable topline results, achieving a 5 precent growth from the previous year,  totaling P5.54 billion in the first nine months of 2023.

Sales take-up of RLC Residences and Robinsons Homes rose by 64 percent to P17.30 billion in the first nine months of 2023.