Robinsons Land Corp.’s net income for the first quarter fell by 13% to P2.9 billion year on year despite a double-digit growth in revenues, the company reported in a regulatory filing on Friday.

Consolidated revenues for the period amounted to P16.67 billion, 35% higher than the P11.57 billion generated a year ago, due to increased economic activity.

“Business environment in the first quarter improved on the back of reduced quarantine restrictions and increased economic activity,” Robinsons Land President and Chief Executive Officer Mr. Frederick D. Go said in a statement.

Robsinsons Land’s EBITDA (earnings before interest, tax, depreciation, and amortization) declined by 50.5% to P4.17 billion from last year’s P6 billion, while its EBIT (earnings before interest and taxes) for the period dipped by 38.5% to P2.91 billion from P4.73 billion.

The company’s commercial centers division saw its revenues decline by almost 22% from the same period last year to P2.25 billion from P2.87 billion, while its EBITDA fell by 45% to P1.13 billion from P2.06 billion.

Robinsons Land said revenues for the segment improved by 22% from the previous quarter, while EBITDA went up by 65%.

The company did not provide comparative figures for the last quarter of 2020.

“Operational GLA (gross leasable area), number of operational tenants, and foot traffic showed signs of recovery in the first three months of the year,” the company said.

Around 20 Robinsons Malls have set up drive-thru saliva collection sites for COVID-19 (coronavirus disease 2019) testing and 17 vaccination centers, all done in collaboration with the Philippine Red Cross and local government units.

“We maintain a positive outlook for the future after the successful rollout of vaccination programs,” said Mr. Go.

Meanwhile, Robinsons Land’s hotels and resorts division recorded a 45% drop in revenues to P258 million from the P468 million in the first three months of last year.

But compared with the preceding quarter, the hotels and resorts segment’s revenues grew by 14% due to the improved performance of Go Hotels, the company said. The segment mainly catered to essential business sectors and the demand for temporary accommodation.

Realized revenues from the company’s residential segment went down by nearly 70% to P2.03 billion versus last year’s P6.7 billion due to the adoption of a new accounting treatment. Without this treatment, the company said revenues for the segment would have only declined by 19%.

Net sales take-up for the residential segment declined by around 28% to P2.82 billion from P3.9 billion.

“However, realized residential numbers continued to reel from delays in project completion caused by the COVID-19 pandemic,” the company said.

In March, Robinsons Land launched its first luxury horizontal property project Forbes Estates Lipa, which spans across a 21-hectare estate in Batangas.

Revenues from its office buildings division slid by six percent to P1.52 billion from P1.43 billion year on year. The segment ended the quarter with an EBITDA of P1.2 billion and an EBIT of P979 million.

Robinsons Land aims to complete five office projects that it describes as “ideal” for business process outsourcing firms, namely: Cybergate Iloilo 1, Cybergate Galleria Cebu, Cybergate Bacolod 2, Cyber Omega, and Bridgetowne East Campus 1.

Its industrial and integrated developments division finished the three-month period with P56 million in revenues, 42% lower than the P96.4 million seen in the first quarter of 2020.

“Developmental revenues from the partial recognition of gains and interest income on the sale of [a] prime lot to Shang Robinsons Properties, Inc. (SRPI) reached P97 million,” Robinsons Land said.

The segment generated P83 million each for its EBITDA and EBIT during the period.

Robinsons Land also realized revenues of P10.5 billion from the first phase of its China project, Chengdu Ban Bian. The overseas business also closed the quarter with an EBITDA and EBIT of P973 million each.

“The company has recovered 89% of its invested capital with the repatriation of $200 million,” Robinsons Land reported.

For the first three months, Robinsons Land spent P4.98 billion in capital expenditures covering land acquisitions, developments for malls, offices, hotels, and warehouse facilities, and for the construction of residential projects. The capital spending is 15.7% lower than the P5.91 billion spent year on year.

Shares of Robinsons Land at the stock exchange went up by eight centavos on Friday, closing at P16.50 apiece. — Keren Concepcion G. Valmonte

AyalaLand Logistics Holdings Corp. saw 10% profit growth in the first three months to P165 million, it said in regulatory filing on Friday, citing prudent spending and cost-management initiatives.

The double-digit growth was realized despite its consolidated revenues falling by nearly 20% to P964 million from P1.2 billion in the first quarter last year.

AyalaLand Logistics, a listed subsidiary of Ayala Land, Inc., focuses on real estate logistics and industrial estate development.

The company earned P383 million from the sale of industrial lots during the January-to-March period, which is nine percent higher than last year’s P351 million on lot sales at Pampanga Technopark. It said it “[reflects] healthy demand from local locators.”

Meanwhile, commercial leasing revenues dropped by 33% to P125 million from P186 million year on year.

“Operations of South Park Corporate Center remained stable, however, this was tempered by the limited operations of South Park mall and Tutuban Center,” the company said.

Warehouse leasing revenues amounted to P123 million, posting a 13% growth from P109 million due to an improvement seen in rentals.

“We anticipate that our operations across our business lines will overcome the challenging business environment,” AyalaLand Logistics President and Chief Executive Officer Maria Rowena M. Tomeldan said.

The logistics company is aiming to expand this year by growing its warehouse gross leasable area (GLA) to 500,000 square meters (sq.m.), widening its presence to 10 key areas in the country from the current five, and by creating new business platforms by 2025.

AyalaLand Logistics broke ground for the second phase of ALogis Naic at Cavite Technopark in January, which will add 16,000 sq.m. to the company’s GLA once completed by the end of this year.

Another 6,000 sq.m. were added to the company’s GLA in March after ALogis Calamba, bringing the company’s ALogis portfolio to a total of 213,000 sq.m. in warehouse GLA.

Its recent acquisition of a cold storage facility in Laguna Technopark last April gave birth to the company’s cold storage segment, which was named “ALogis Artico.”

“Our diversified portfolio and our continuing efforts to build up our assets [put] ALLHC in a solid position to steer its course towards recovery and long-term growth,” Ms. Tomeldan said.

Shares of AyalaLand Logistics at the stock exchange declined by 1% on Friday, closing at P2.97 apiece from P3. — Keren Concepcion G. Valmonte

Grand Plaza Hotel Corp. generated P3.91 million in the January-to-March period, eight times the company’s P497,7444 profit recorded year on year, the company disclosed to the exchange on Friday.

However, the company’s food and beverage business is still affected by pandemic restrictions, leading to a total revenue fall of 20.8% to P73.11 million from P92.43 million.

Grand Plaza Hotel’s food and beverage segment generated revenues worth P11.02 million during the first quarter, around 53% lower than the previous year’s P23.33 million.

The company said it mainly caters to in-house guests’ meals as it did not host big events.

“In the first quarter of this year, the hotel housed mostly returnee Filipinos and call [center] workers,” Grand Plaza Hotel said.

Room revenues declined by nearly seven percent to P61.65 million from P66.01 million.

Operating expenses, which include payroll cost, operational expenses, and utilities, amounted to P67.37 million, declining by 23.1% due to lower payroll costs as the hotel has been “operating on a lean manning.”

All non-essential expenses have also been deferred, and utility expenses declined on lower consumption.

Shares of Grand Plaza Hotel at the stock market were last traded on Thursday at P9.67 each. — Keren Concepcion G. Valmonte

SM Investments Corp.’s (SMIC) MyTown brand reported an increase in demand for staff housing over the past year as companies adjusted operations in line with quarantine restrictions.

“We have seen a dramatic increase in staff housing by more than 70% over the last year. The number of inquiries and sector diversity more than doubled over the same period,” Jogee A. Arellano, chief leasing officer of MyTown, said in a statement on Friday.

MyTown is a dormitory chain by Philippines Urban Living Solutions, Inc., which offers furnished rooms, housekeeping, and daily meal plans for tenants.

Its dormitories are located at a walking distance from Bonifacio Global City in Taguig and Makati City’s central business district.

The company said it has since adopted comprehensive COVID-19 (coronavirus disease 2019) protocols.

“The corporate clients who utilize our staff housing have seen attrition rates decline up to fourfold, which have material direct and indirect impacts on companies’ bottom lines,” Mr. Arellano said.

Amid the country’s lockdown period, MyTown has been providing housing for its corporate partners, some of which are China Banking Corp., the Aboitiz group of companies, and KMC Solutions.

On Friday, shares of SMIC at the stock exchange went down by 0.11% or one peso to finish at P920 each. — Keren Concepcion G. Valmonte