Robinsons Land income posts flat growth in 2019

162
Photo from: Robinsons Galleria Cebu FB page

By: Business Mirror

Robinsons Land Corp. (RLC) announced its income was flat at P8.69 billion from the previous year’s P8.22 billion, mainly due to the sluggish growth of its recurring income businesses of mainly shopping malls and offices in the country.

Consolidated revenues of the Gokongwei-led property developer grew at a slower pace at 3% to P30.58 billion, from the previous year’s P29.56 billion.

RLC’s investment portfolio, mainly its rental businesses, contributed 69% of the company’s total consolidated revenues, or P21.14 billion, some 15 percent higher to P23.92 billion in the previous year.

The rest of the 31% was contributed by its development portfolio, which fell by 15% to P9.45 billion from the previous P11.21 billion.

Consolidated mall revenues grew by 11% last year to P13.25 billion from the previous P11.94 billion. The company closed the year with 52 malls, with total gross leasable area at 1.57 million square meters.

 

Read the full story HERE.