Robinsons Land posts P2.66B net income in Q1, up 90%

Gokongwei-led property developer Robinsons Land Corp. (RLC) posted a net income of P2.66 billion in the first quarter of 2023.

In a statement on Tuesday, RLC said its first-quarter bottom line also surpassed its pre-pandemic profit by 45%.

Consolidated revenues stood at P9.28 billion, up 39% year-on-year, as RLC’s malls and hotels businesses saw double-digit jump in revenues at 38% to P6.77 billion, making up 73% of consolidated revenues.

The company’s property development portfolio, meanwhile, generated P2.51 billion in revenues, up 42%, driven by improved revenue recognition from RLC Residences and earnings from equity shares in joint venture projects.

RLC said it expects its joint venture projects to be a meaningful contributor to its bottom-line in the succeeding quarters.

“We posted robust first quarter numbers right after a record year. This is a result of the strategic initiatives we continue to pursue on the back of strong fundamentals and a solid balance sheet,” said RLC president and CEO Frederick Go.

During the period, RLC said it spent P4.52 billion in capital expenditures for the development of malls, offices, hotels and warehouse facilities, acquisition of land, and construction of its residential projects for its local operations. —VAL, GMA Integrated News