Robinsons Land Corp., the real estate subsidiary of the Gokongwei Group, said Tuesday net income reached P5.26 billion in 2020, down 38.8 percent from P8.6 billion in 2019 as the pandemic affected mall and hotel businesses.
RLC said in a disclosure to the stock exchange consolidated revenues fell 17 percent last year to P25.4 billion.
The property firm’ development portfolio, which accounted for 49 percent of total revenues, increased by 30 percent to P12.26 billion. This partially negated the decline in the investment portfolio, which ended at P13.15 billion, down 38 percent year-on-year.
The company recorded improvements in key operating indicators across its business units in the fourth quarter. RLC said net income grew 20 percent in the fourth quarter to P863 million.
“Amid the challenges of 2020, we adopted new ways of working and embraced a mindset of innovation to continue serving our customers. We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile,” RLC president and chief executive Frederick Go said.