MANILA - Robinsons Land said net income grew 38 percent to P717 million in third quarter as businesses, especially malls, showed signs of recovery due to easing of quarantine limitations, the firm said on Friday.
“We are encouraged by the steady recovery of our businesses on the back of improving trends seen on a quarterly basis, as well as in October," said Robinsons Land president and CEO Frederick Go.
The property firm's January to September net income however declined by 31 percent to P4.4 billion, dragged by the effects of the pandemic.
All its business units saw improved numbers in the third quarter, with residential buildings and malls propelling the company's financial growth.
Go said that the company is focused on recovery of operations and implementing strict safety protocols.
Finding more areas of growth, the company plans to list a Real Estate Investment Trust or REIT at the Philippine Stock Exchange next year for its existing portfolio of 25 office buildings with over 600,000 square meters of total leasable area.