REAL estate company Robinsons Land Corp. (RLC) reported that its operating income grew 12% to P2.29 billion in the first quarter, propelled by growth in its mall and office businesses.
“RLC’s investment portfolio continued to rebound strongly with a double-digit topline growth for the first three months of the year,” the company said, as revenues jumped 19% to P4.92 billion.
“As more regions, including Metro Manila, transitioned to the lowest COVID-19 alert level, the company is poised for sustained recovery on the back of increased mobility, improved consumer sentiment and expanded operational capacities,” it added.
The company’s property development portfolio declined by 88% to P1.77 billion in terms of realized revenues as against the earlier year, which included the recognition of revenues from China.
In 2021, RLC booked P10.45 billion in revenues from its Chengdu Ban Bian Jie project in China after the completion of handover activities for its first phase.
“The company is expecting to match this with revenues from Phase 2, which will be recognized in the succeeding quarter,” the property developer said.
Robinsons Malls’ revenues were up 19% to P2.67 billion on improved consumer spending and retail sales.
Footfall across 53 Robinsons Malls climbed to 75% of pre-pandemic levels from 65% in the previous quarter, RLC said.
Meanwhile, Robinsons offices registered a 12% growth in revenues to P1.77 billion in the first quarter, due to “quality assets in strategic locations with a wide geographic dispersion and strong clientele base.”
“The encouraging signs of recovery across our businesses solidify our optimism in RLC’s future growth prospects. Our strong fundamentals and solid balance sheet will boost recovery momentum, driving us closer to pre-pandemic performance. We will push to capitalize on opportunities to accelerate growth and deliver long-term sustainable value,” RLC President and Chief Executive Frederick D. Go said in a statement.
At the stock exchange on Wednesday, RLC shares climbed by 10 centavos or 0.53% to close at P18.80 apiece. — Luisa Maria Jacinta C. Jocson
