GOKONGWEI-LED Robinsons Land Corp. (RLC) said net profit for the first six months of 2024 grew 25 percent to P7.25 billion, thanks to the solid performance of its investment properties.
Excluding a one-time gain on the reclassification of its GoTyme investment, net income attributable to the parent reached P6.25 billion, up 9 percent year-on-year (YoY), while consolidated revenues rose 9 percent to P21.33 billion, the company said in a stock exchange filing on Friday.
"We are pleased to report a strong net income growth for the first half of the year. This is a testament to the timely implementation of our strategic initiatives and our sustained operational Excellence," RLC Chairman, President and Chief Executive Officer Lance Gokongwei said.
RLC's investment portfolio of malls, offices, hotels, and warehouses saw revenues climb 15 percent to P15.86 billion, accounting for 74 percent of consolidated revenues.
The development portfolio registered P5.47 billion in realized revenues, up 15 percent YoY, driven by revenue recognition from the residential division and earnings from equity shares in joint venture (JV) projects.
RLC Residences saw net sales of P5.45 billion for the second quarter, boosting first-half net sales to P6.14 billion. In April, RLC Residences launched Mira Tower 1 in Quezon City, with 539 units and a sales value of P4.4 billion, of which 80 percent had been sold as of last month.
Realized revenues from the residential segment reached P4.86 billion by end-June, including earnings of P1.29 billion from equity shares in JV projects, up 28 percent .
However, residential sales from JV projects fell 16 percent from a year ago to P7.34 billion due to "declining inventory."
Meanwhile, Robinsons Malls saw first-half sales grow 12 percent to P8.71 billion on strong rental revenue and elevated consumer spending.
Robinsons Offices clocked in revenues of P3.92 billion, up 6 percent, while Robinsons Hotels and Resorts chipped in another P2.85 billion, surging 42 percent YoY.
Robinsons Logistics and Industrial Facilities and Robinsons Destination Estates recorded revenues of P385 million and P571 million, respectively.
Last April, RLC completed an overnight block placement of 1.73 billion shares, at P4.92 apiece, in RL Commercial REIT Inc. to raise its public float to 49.95 percent, allowing the latter to acquire more assets from RLC's investment properties.
RLC also recently announced plans to build a mixed-use development in Taguig City, the Bonifacio Capital District in partnership with the Bases Conversion and Development Authority (BCDA).
The planned destination estate "embodies this aspiration, and we are excited to contribute to the growth and development of this vibrant area," said Mybelle Aragon-GoBio, RLC senior vice president and business unit general manager.
"With the help of RLC, we hope to create a model development for areas surrounding subway and railway stations, to be developed within the BCDA's economic zones and properties," BCDA President and Chief Executive Officer Joshua Bingcang said.
RLC shares dropped 14 centavos, or 0.95 percent, to P14.60 each on Friday.
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