Robinsons Land Corp posts P5.36 billion net income in first half of 2022

ABS-CBN News

Posted at Aug 11 2022 10:06 AM

MANILA — Robinsons Land Corp said its net income in the 
first half reached P5.36 billion, surpassing its pre-pandemic level by 34 percent.

Consolidated net income in the second quarter grew 42 percent to P3.63 billion, the diversified real estate company told the stock exchange.

The recovery of its investment portfolio and revenues from the Phase 2 of its Chengdu Ban Bian Jie project in China contributed to the strong quarterly performance, RLC said.

"With the economy moving towards full reopening, we continue to sustain our upward trajectory and exceed pre-pandemic earnings," RLC president and CEO Frederick Go said.

"As we move to the second half of the year, we are encouraged by the strong recovery of our malls and hotels, sustained increase in residential sales, the resilience of our office and industrial businesses and the overall strength of our diversified portfolio," Go added.

He said the company remains optimistic of its growth prospects. 

RLC said its mall business Robinsons Malls recorded a 37 percent increase in revenues in the first half due to increased foot traffic. 

Growth in Robinsons Offices, meanwhile, was driven by escalations in rental activities as well as leasing income from its new buildings, RLC said. Revenues of Robinsons Hotels and Resorts have also improved for the period, it added.

Meanwhile, net sales of RLC Residences and Robinsons Homes also rose in the first half. It said its other businesses "continue to make important progress" by registering gains. 

For the first 6 months of 2022, RLC said it has spent P12.54 billion in capital expenditures for the development of malls, offices, hotels and warehouse facilities, acquisitions of land and construction of its residential projects. 

RELATED VIDEO:

Watch more News on iWantTFC