Robinsons Land increased six-month revenue to 5.4 billion pesos
Robinsons Land Corp., the real estate unit of the Gokongwei Group, reported net income of 5.45 billion pesos in the first six months of 2021, up 48% from 3.68 billion pesos at the same period last year, thanks to the takeover of major companies. RLC said in a stock exchange disclosure Friday that first-half revenue rose 55% to 26 billion pesos from 16.7 billion pesos a year ago. The real estate company said customer activity in shopping malls, offices, hotels, industries, as well as real estate development and residential businesses had increased despite the pandemic. RLC said profits from its residential activities in the Chengdu Ban Bian Jie project in China, as well as the sale of plots of land in the Bridgetowne Destination Estate, boosted profits in the first half of the year. “Our performance for the first half of the year is a testament to the success of our strategic initiatives, which position the Company for recovery and growth. In a very challenging business environment, we continue to seek new opportunities and agile innovations to deliver lasting value to all of our stakeholders, ”said RLC President and CEO Frederick Go. sales of the company, which contributed 16% of total turnover, recorded a turnover of 4.19 billion pesos, down 16% from the 4.96 billion pesos of the same period last year, due to mobility restrictions. The residential division contributed 4.73 billion pesos in sales to the company’s revenue, down 40% from last year’s level as quarantine restrictions continue to disrupt construction activities. “We expect to continue to show incremental improvements over time as the economy recedes from a lull in construction and demand for residential units rebounds,” RLC said. up three percent from a year ago. The group plans to complete five new office developments in Iloilo, Bacolod, Pasig and Cebu this year which will expand the office rental portfolio. Meanwhile, the company’s hotel and resort group reported revenue of 525.7 million pesos, down 20.4% from a year ago level as the Most of its hotels function as temporary homes for the return of Filipino Overseas Workers (OFWs) and quarantined guests. This year, RCL plans to complete four new hotels, bringing the total number of room keys to 3,459.
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