Robinsons Land profit rises to P4.4 billion in Q1

MANILA, Philippines — Property giant Robinsons Land Corp. (RLC) raised its profit to P4.4 billion in the first quarter, as it booked revenue gains from both investment units and development portfolio.

Based on its financial report, RLC’s profit went up by nine percent to P4.4 billion in the three months to March, lifted by an 11-percent jump in revenue to P12.28 billion.

RLC’s investment revenues, accounting for 75 percent, went up by eight percent to P9.2 billion, leaning largely on malls that earned P5.1 billion from steady foot traffic.

RLC’s office portfolio also stabilized the segment by registering an eight-percent growth to P2.2 billion, driven by new leases. Hotels posted the strongest expansion of 14 percent to P1.7 billion, with NUSTAR carrying bulk of the growth, while logistics held its footing at P269 million.

Further, RLC’s development portfolio recorded a 22-percent increase in revenues to P3.1 billion. The segment drew fresh revenues from construction milestones in several projects.

RLC’s residential revenues grew by 39 percent to P2.7 billion, as the developer recognized gains by accelerating construction progress.

Likewise, RLC booked a net sales of P3.74 billion, of which P3.29 billion are from joint ventures and P455 million are from its organic projects.

However, RLC’s equity earnings from joint ventures dipped by 46 percent to P181 million, as its inventory is depleting, while revenues from destination estates fell by 28 percent to P161 million.

All in all, RLC is prepared to face economic headwinds with cash reserves of P21.72 billion, and it is protected by an asset base of P286.38 billion. On the contrary, RLC’s debt portfolio stands at just P39.55 billion, as the builder reinforces fiscal prudence.

RLC president and CEO Mybelle Aragon-GoBio said the developer is unfazed by recent shifts in the economic climate. This is why RLC is pursuing its initiative to become an investment-driven business that relies heavily on recurring income.

“Our performance is a validation of being intentional early on, transitioning our portfolio toward more recurring income and building deep cash reserves – establishing a robust financial cushion as a cornerstone of our risk management strategy,” Aragon-GoBio said.

“RLC remains steadfast in its ability to sustain earnings momentum, backed by a diversified and high-quality portfolio and an enduring commitment to financial discipline,” she added.