Gokongwei-led Robinsons Land Corp. (RLC) saw a 394-percent year-on-year increase in second quarter net profit to P2.56 billion as earnings from property development, rental portfolio and hotel operations bounced off a low base seen last year at the height of pandemic lockdowns.
Amid the reimposition of tight restrictions through early April this year, RLC’s second quarter earnings this year eased from the P2.89-billion net profit posted in the first quarter.
Net income for the first semester accelerated by 48 percent year-on-year to P5.45 billion, while consolidated revenues rose by 55 percent to P26 billion.
“Our performance for the first half of the year is a testament to the success of our strategic initiatives, which positions the company for recovery and growth. Amidst the very challenging business environment, we continue to pursue new opportunities and agile innovations to deliver sustainable value to all our stakeholders,” RLC president Frederick Go said in a regulatory filing.
RLC reported a 51-percent surge in earnings from its core businesses, alongside recorded earnings from its Chengdu Ban Bian Jie project in China and from the sale of parcels of land within Bridgetowne Destination Estate.
In the first six months, RLC booked revenues of P10.51 billion from its China project following the turnover of several condominium units. RLC has already recovered 89 percent of its invested capital in this project.
The commercial centers division posted revenues of P4.19 billion in the first six months. In the second quarter alone, RLC grew revenues by 43 percent and cash flow by 50 percent despite the reimposition of strict quarantine restrictions.
To boost its digital presence, RobinsonsMalls launched MallDash, an e-commerce platform where customers can shop from various partner-mall tenants in a single transaction. In the same period, Robinsons Place Tacloban was reopened to the public after completing its rehabilitation.
The office buildings division, meanwhile, reported a 3-percent year-on-year increase in revenues to P3.11 billion. To date, this segment has 649,500 square meters in net leasable area, after the partial turnover of Cyber Omega located in Ortigas central business district and the completion of Bridgetowne East Campus One located within the Philippine Economic Zone Authority (PEZA)-accredited Bridgetowne estate.
This year, the office buildings division targets to complete five new office developments, namely: Cybergate Iloilo 1, Cybergate Bacolod 2, Cyber Omega, Bridgetowne East Campus One and Cybergate Galleria Cebu. RLC recently secured a PEZA accreditation for its Cybergate Galleria Cebu complex, which targets to attract the resilient IT-business process outsourcing sector.
In the first half, industrial property revenues climbed by 14 percent to P127.3 million.
Meanwhile RLC booked one-off gains from the sale of a 26,000-square meter lot in Bridgetowne East to Shang Robinsons Properties Inc. and RHK Land Corp.
For the residential division, realized revenues registered at P4.74 billion in the first half. An indicator of future revenue growth, net presales grew by 19 percent.