MANILA - Robinsons Land Corp on Friday said its net income grew 48 percent to P5.45 billion in the first half of 2021 driven by the recovery of core businesses.
For the second quarter, profits hit P2.56 billion, up 394 percent compared to the same period last year, RLC told the stock exchange.
Increased customer activity and engagement in its malls, offices, hotels, industrials and property development, as well as residential businesses, contributed to the growth, it said.
"Our performance for the first half of the year is a testament to the success of our strategic initiatives, which positions the company for recovery and growth, RLC president and CEO Frederick Go said.
"Amidst the very challenging businesses environment, we continue to pursue new opportunities and agile innovations to deliver sustainable value to all our stakeholders," he added.
In terms of capital expenditures, RLC said it has spent some P9.49 billion or about 50 percent of its P20 billion budget for the year allocated for the development of malls, offices, hotels, industrial facilities, destination estates and other residential projects.
Robinsons Malls also launched MallDash, its own e-commerce platform where customers can shop from partner tenants in a single transaction. The service is currently available for select Robinsons Malls.
The online platform could be beneficial for both consumers and the operator especially during the Metro Manila lockdown, in effect from Aug. 6 to Aug. 20, where only essential workers are allowed to roam around.
The hard lockdown could have an impact on all businesses in the National Capital Region regardless of size. Socioeconomic Planning Secretary Karl Chua said the economy could lose P105 billion each week Metro Manila is in lockdown.