Robinsons Land Corp (RLC), the listed Gokongwei-owned real estate developer, reported a 20 percent growth in fourth quarter net income to P863 million.
Full year net income for 2020 reached P5.26 billion while EBITDA was at P13.68 billion, RLC reported yesterday.
Consolidated revenues, however, declined 17 percent to P25.40 billion for the full year.
Among the different businesses, RLC’s Development Portfolio, accounting for 49 percent of consolidated revenues, increased by 30 percent to P12.26 billion to partially offset the decline from the Investment Portfolio which ended at P13.15 billion, 38 percent lower versus the same period last year.
RLC said despite significant reduction in revenues, cash generation remained strong with total cash and cash equivalents ending at P13.78 billion.
“Amid the challenges of 2020, we adopted new ways of working and embraced a mindset of innovation to continue serving our customers. We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile. As the business gradually recovers from the impact of community quarantines, we will continue to support our employees, business partners, and stakeholders,” said RLC president and CEO Frederick Go.
For the commercial division business of the company, consolidated revenues ended at P5.96 billion, while EBITDA closed at P4.11 billion.
RLC is optimistic that the malls business will continue to rebound as quarantine restrictions ease and vaccinations start.
For its residential division, RLC recorded P12.13 billion full-year revenues, 33 percent higher versus the same period last year. “EBITDA and EBIT accelerated by 40 percent and 41 percent to P4.17 billion and P4.07 billion, respectively. Sales take-up reached P7.29 billion,” RLC said.
