Metro Manila (CNN Philippines, August 11) — Property giant Robinsons Land Corp. saw higher earnings in the first six months of 2023 on the back of “solid” performances of its businesses.
The Gokongwei Group’s real estate arm reported Thursday that its net income in the period jumped 23% to ₱5.78 billion after it recorded “strong growth across all businesses.”
Excluding business in China, its domestic operations’ bottom line soared 71%, Robinsons Land noted in a statement.
Earnings before interest, taxes, depreciation, and amortization or EBITDA stood at ₱10.87 billion.
“The success of our strategic initiatives, supported by improving market conditions, fueled the Company’s strong first-half results,” said RLC President and CEO Frederick Go.
“We look forward to the sustained expansion of our businesses and pursuing investments that will allow us to further create value for our stakeholders,”
Consolidated revenues also reached ₱19.63 billion — 71% of which came from its investment portfolio, buoyed by the revival of mall and hotel businesses.
Robinsons Malls’ topline climbed 36% to ₱7.76 billion driven by the increase in occupancy rates and consumer spending.
Robinsons Hotels and Resorts, touted as the largest hotel developer and operator in the local market, likewise benefitted from the tourism rebound, with revenues surging by 148% to ₱2 billion in the first six semester.
Robinsons Offices and Robinsons Logistics and Industrial Facilities both posted “stable” revenue growth in the period.
RLC Residences and Robinsons Homes, on the other hand, booked ₱5.39 billion in revenues.
The company so far has coughed up ₱9.25 billion in capital to finance the development of malls, offices, hotels, warehouse facilities, and residential projects in the Philippine market.
