Robinsons Land Corp net income up 47% in Jan-Sept

Robinsons'-net-income-in-Jan-Sept

Robinsons Land Corp said its net income hit P6.44 billion for the January to September period, up 47 percent compared to the same period last year.

Consolidate revenues rose 41 percent to P30.88 billion from P21.94 billion last year, RLC said in a disclosure to the stock exchange.

Net income in the third quarter was up by 38 percent to P990 million due to “improved operating conditions,” it said.

“We sustained business recovery despite the reimposition of stricter quarantine restrictions in August,” RLC president and CEO Frederick Go said.

“As we head into the last quarter of the year, we are encouraged by the waning number of COVID-19 cases in the country, the progress of the government’s vaccination program and increased mobility, he added.

Metro Manila is under Alert Level 2 since Nov. 5 which gave Filipinos more room for movements as well as confidence to go back to malls, fuelling consumer spending.

RLC in the third quarter listed its real estate investment trust RL Commercial REIT Inc (RCR) in the Philippine Stock Exchange. PSE officials have confirmed RCR is the country’s largest REIT in terms of size and portfolio valuation at the time of listing.

Robinsons malls, meanwhile, is gradually gaining momentum with its third quarter revenues growing 8 percent.

Robinsons Offices grew 5 percent compared to a year ago, it said. Robinsons said its logistics and industrial facilities achieved a 24 percent increase in revenues.

RLC Residences and Robinsons Homes reported a combined net pre-sales of P7.93 billion for the period, up 33 percent compared to last year, it said.

Robinsons said its Chengdu Ban Bian Jie project in China posted revenues of P10.51 billion in the first 9 months of the year.

Source: https://news.abs-cbn.com/business/11/08/21/robinsons-land-net-income-up-47-percent-in-jan-to-sept

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