Robinsons Land net income nearly doubles in Q3

ABS-CBN News

Posted at Nov 08 2018 10:14 AM

MANILA -- Robinsons Land Corp said its net income in the July to September period nearly doubled on the back of the strong performance of its shopping mall and office space businesses.

The Gokongwei-led developer said it posted net income of P3.2 billion in the third quarter. January to September net income reached P6.6 billion, up 44 percent from the comparable period in 2017.

"The strong earnings is a result of the strategic initiatives we initiated to respond to the market and the creation of new revenue streams for the company,” said Robinsons Land President Frederick Go.

Overseas buyers helped drive property demand with realized revenues up 29 percent to P6.5 billion, RLC said.

The company said it opened its 50th mall this year, located in Tuguegarao City, as it renovates existing ones.

Revenues from its high-rise apartment project in Chengdu, China, will start flowing in 2019 with 90 percent of 795 units in its first phase already booked, RLC said.