Robinsons Land Corp., the property unit of the Gokongewei Group, said Friday net income fell 6.4 percent in the first quarter to P2.9 billion from P3.1 billion in the same period last year.
RLC said in a disclosure to the stock exchange first-quarter consolidated revenues increased 35 percent to P16.67 billion from a year ago.
“Business environment in the first quarter improved on the back of reduced quarantine restrictions and increased economic activity. We maintain a positive outlook for the future after the successful rollout of vaccination programs,” RLC president and chief executive Frederick Go said.
Development portfolio accounted for 91 percent of total revenues, equivalent to P12.58 billion, primarily driven by sales from RLC’s Chengdu Ban Bian Jie project in China. The group’s mall business reported a 22-percent increase to P2.25 billion as operational gross leasable area, number of operational tenants, and foot traffic showed signs of recovery in the first three months of the year.
RLC’s hotels and resorts division delivered a quarter-on-quarter double-digit growth in revenues of 14 percent to P258 million, primarily attributable to the improved performance of Go Hotels. The group’s residential division booked a 69-percent decline in revenues to P2.03 billion.