Robinsons Land Corp. (RLC), the Gokongwei-led property developer, reported a net income of P2.56 billion in the second quarter, up by almost 394 percent from P520 million a year ago, bringing its first half net income to P5.45 billion, up 48 percent.
Compared to the second quarter, RLC’s net income of P2.56 billion was lower by 11 percent.
Consolidated revenues grew by 55 percent to P26 billion in the first half from P16.7 billion a year ago, driven by the continued recovery of RLC’s core businesses.
RLC president and CEO Frederick Go said performance for the first half of the year is a testament to the success of our strategic initiatives, which positions the company for recovery and growth.
“Amidst the very challenging business environment, we continue to pursue new opportunities and agile innovations to deliver sustainable value to all our stakeholders,” Go said.
By different businesses, the Commercial Centers Division posted revenues of P4.19 billion and EBITDA of P2.01 billion in the first six months of 2021. In the second quarter alone, RLC managed to grow revenues by 43 percent and EBITDA by 50 percent quarter-on-quarter despite the re-imposition of strict quarantine restrictions.
The Office Buildings Division raked in first half revenues of P3.11 billion, up three percent to P3.11 billion, while EBITDA and EBIT registered at P2.58 billion and P2.13 billion, respectively.
Despite the uncertain environment, RLC’s Office Buildings Division is targeting to complete five new office developments namely, Cybergate Iloilo 1, Cybergate Bacolod 2, Cyber Omega, Bridgetowne East Campus One, and Cybergate Galleria Cebu. To date, the Office Buildings Division has 649,500 square meters in net leasable area, after the partial turnover of Cyber Omega located in Ortigas CBD and the completion of Bridgetowne East Campus One located within the PEZA-accredited Bridgetowne Destination Estate.
For tResidential Division, net pre-sales grew 19 percent led by the strong performance of The Sapphire Bloc – East and South Towers in Ortigas CBD, Sierra Valley Gardens in Cainta, and AmiSa Private Residences in Mactan, Cebu.
Realized revenues registered at P4.74 billion in the first half of 2021, while EBITDA and EBIT ended at P1.77 billion and PHP1.73 billion, respectively.
RLC has spent P9.49 billion in capital expenditure, approximately 50 percent of the P20 billion budget for the year, earmarked for the development of malls, offices, hotels, industrial facilities, destination estates, and construction of its residential projects.