Robinsons Land on steady growth path, nets P2.2B in Q2
Gokongwei-led Robinsons Land Corp. grew its earnings by 21% to P2.17 billion in the second quarter, buoyed by its shopping mall, office and hotel businesses.
This brought RLC’s six-month profit to P4 billion, representing an increase of 20% year on year.
Consolidated revenue rose 13% to P14.79 billion while overall EBITDA increased by 15% to P8.02 billion.
“We continue to post strong earnings growth as we remain optimistic about new opportunities. We look forward with much enthusiasm to an even better financial performance in the near future.”, said RLC president and CEO Frederick Go.
The commercial center division, which has a total mall leasable space of 1.5 million square meters, registered P6.45 billion in revenues, up 11% year on year.
Office buildings posted the biggest growth with revenues surging 29% to P2.3 billion,
largely due to higher rental revenues from existing buildings and the successful lease of new buildings namely, Cyberscape Sigma, Cyberscape Gamma, Exxa Tower, and Zeta Tower.
RLC now has 20 operational office sites with a total net leasable area of 523,000 sqm.
The hotels and resorts division, meanwhile, recorded an 11% increase in revenues to P1.08 billion mainly due to the contribution from new hotels Summit Hotels Tacloban, Go Hotels Iligan and Dusit Thani which was opened last March.
Revenues from the warehouse business under the Industrial and Integrated Developments Division (IID) amounted to P52 million
The residential division had a stellar performance in the second quarter with net pre-sales soaring to P5.89qm
The Sapphire Bloc East Tower, Galleria Residences Cebu Tower 3 and Cirrus