Robinsons Land Corp. (RLC) posted a 49-percent income growth in the third quarter of 2023 to P3.06 billion.
This brought the company’s net profit in the first three quarters to P8.84 billion, or 31 percent higher than in the same period last year. This was achieved despite a high base with the recognition of profits from its China project in 2022.
Excluding the effect of the China profit from last year, net income attributable to parent company would have increased 64 percent year-on-year in nine months.
“We are delighted with the outstanding performance across our diversified portfolio of businesses,” said RLC president and chief executive Frederick Go.
“These results reflect our commitment to provide timely execution in pursuit of excellence, implement strategic initiatives, and unwavering dedication to providing quality and value to our stakeholders,” he said.
Consolidated revenues amounted to P30.21 billion, down from last year’s P35.77 billion.
Robinsons Malls, the cornerstone of RLC’s retail business, saw its revenues surge 27 percent to P11.78 billion, contributing 39 percent to the company’s consolidated revenues.
Rental revenues improved 32 percent, propelled by strong consumer spending and the normalization of business operations nationwide. Rental revenues were also 6 percent above pre-pandemic levels.
Robinsons Hotels and Resorts (RHR) experienced a revenue surge of 134 percent and registered a record revenue of P3.25 billion in the first three quarters.
Robinsons Offices demonstrated stable topline results, achieving a 5-percent growth from the previous year to P5.54 billion in the first nine months.
Sales take-up of RLC Residences and Robinsons Homes rose 64 percent to P17.30 billion in the nine-month period.