Property developer Robinsons Land Corp. reported strong first-quarter results, with net income increasing 90 percent to P2.66 billion on strong performance of all businesses.
Consolidated revenues also jumped 39 percent to P9.28 billion, the company said in a stock exchange filing Tuesday.
RLC said its investment portfolio, which includes malls and hotels, registered P6.77 billion in first-quarter revenues, up 38 percent from the same period last year.
Its property development portfolio, which includes residential business, booked P2.51 billion in revenues, up 42 percent. It said improved revenues recognition from RLC Residences and earnings from equity shares in joint venture projects drove profit growth.
“We posted robust first-quarter numbers right after a record year. This is a result of the strategic initiatives we continue to pursue on the back of strong fundamentals and a solid balance sheet,” said RLC president and chief executive Frederick Go.
Revenues from mall business rose 46 percent year-on-year to P3.91 billion on sustained consumer spending. Rental revenues also climbed 55 percent to P2.79 billion.
Office leasing posted a 4-percent increase in revenues to P1.85 billion in the first quarter, driven by sustained occupancy rates in majority of its high-quality office developments
The company’s office portfolio consists of 31 office buildings with 741,000 square meters of gross leasable space.
The group’s hotel and resorts business also delivered strong first-quarter results, with revenues increasing by 162 percent to P879 million.
RLC is the largest hotel developer and operator in the Philippines with a multi-branded portfolio of 30 hospitality developments, including four properties under franchise agreements.
RLC’s residential business achieved a 68-percent year-on-year increase in realized revenues to P2.38 billion while sales reservations reached P5.62 billion in the first quarter, up from P2.9 billion in the previous year.
The property firm said it expects equity earnings from joint venture residential projects to be a meaningful contributor to its bottom-line in the succeeding quarters.