Robinsons Land Corp. of the Gokongwei Group said Monday net income climbed six percent in 2019 to P8.69 billion from P8.22 billion in 2018.
Consolidated revenues rose 3.4 percent to P30.58 billion from P29.56 billion last year, mainly driven by its booming recurring rental businesses.
Robinsons Land reported that it deferred the revenue recognition of the company’s China project amounting to P8.84 billion in order to adopt the accounting standard practiced in China.
“The company’s external auditors concluded in February 2020 that the revenue recognition of the China project should be deferred to the time at which the residential units have been turned-over to its buyers, adopting the China accounting standards. RLC will try to accomplish such turnover by late this year,” the property firm said.
Consolidated mall revenues increased 11 percent to P13.25 billion from P11.94 billion on the back of a 7-percent growth from the same malls.
Robinsons Land operated 52 malls with a total gross leasable space of 1.57 million square meters as of the end of December 2019.