(Source: Business World | March 15, 2019)
Getting boost from its steady residential properties and mall and office unit sales, Robinsons Land Corp’s (RLC) income increased by 40% in 2018.
RLC said net income reached P8.23 billion last year, higher than the P5.9 billion it posted in 2017. Consolidated revenues also grew by 31% to P29.44 billion.
“2018 has been a banner year for Robinsons Land as both our investment and development portfolios saw robust earnings growths driven by key business strategic initiatives and strong demand from our customers and buyers,” RLC President and Chief Executive Officer Frederick D. Go said in a statement.
The malls division provided bulk of the listed firm’s revenues at P11.94 billion, 11% higher year on year. The company attributed this to higher rental income and the opening of four new malls in 2018, namely Robinsons Place Ormoc, Robinsons Place Pavia, Robinsons Place Tuguegarao, and Robinsons Place Valencia in Bukidnon.
RLC now has a total of 51 malls covering a total leasable space of 1.5 million square meters (sq.m.).
RLC said it spent P23.4 billion in capital expenditures this year, which went to the development of malls, offices, hotels, warehouse facilities, and the acquisition of land.
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