ROBINSONS Land Corp. (RLC) on Monday said that first-half net income had grown 12 percent to P9 billion from P8 billion a year earlier, driven by the continued strong performance of its malls, hotels and residential businesses.
The property developer said consolidated revenues increased 10 percent to P25.4 billion from P23.1 billion.
Net income attributable to equity holders of the parent rose 5 percent to P7.2 billion from P6.9 billion, while earnings before interest, taxes, depreciation and amortization (Ebitda) climbed 8 percent to P13.5 billion from P12.5 billion.
Earnings before interest and taxes likewise increased 8 percent to P10.3 billion from P9.5 billion.
“Our strong first-half performance reflects the resilience of our diversified portfolio and the strategic execution of our growth strategy across all business segments,” President and CEO Mybelle Aragon-GoBio said.
The company’s investment portfolio remained its main earnings driver, accounting for 72 percent of revenues and 82 percent of Ebitda.
Revenue from malls rose 6 percent to P10 billion, while hotels posted a 10-percent revenue increase to P3.41 billion. Office revenues also grew six percent to P4.37 billion, with occupancy improving to 87 percent from 86 percent in the first quarter.
The logistics segment recorded the fastest growth among the company’s recurring-income businesses, with revenues rising 25 percent to P561 million.
Robinsons Land said its development portfolio saw revenues rise 19 percent to P7 billion, with Ebitda increasing 16 percent to P2.5 billion.
Residential revenues climbed 23 percent to P5.81 billion, supported by higher construction progress and revenue recognition from ongoing projects.
Equity earnings from joint ventures increased 3 percent to P729 million, while the destination estates segment generated P517 million in revenues.
Robinsons Land ended the first half with total assets of P280.7 billion, interest-bearing debt of P33.6 billion and a net gearing ratio of 10.9 percent.
Cash reserves stood at P13.4 billion, supported by P8 billion in free cash flow and proceeds from the P7-billion oversubscribed RC Commercial REIT, Inc. share placement completed in January.
Capital expenditures reached P7.5 billion in the first half, up from P5.7 billion a year earlier, reflecting continued investments in growth projects.
Robinsons Land on Monday saw its shares rise P0.22, or 1.31 percent, to close at P17.06 each.
