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RLC posts record P12.1 B profit in 2023
The Philippine Star
|March 09, 2024
Robinsons Land Corp. (RLC) raked in a record profit of P12.06 billion in 2023 as malls gained from the recovery of consumer confidence and spending.
The Gokongwei-led company grew its net income by percent from P9.75 billion in 2022, pinning the growth to the success of its malls, offices and hotels.
RLC realized an eight percent decline in revenue to P42.02 billion in 2023 from P45.51 billion in 2022, because earnings back then were bloated by contributions from its high-rise project in Chengdu, China.
Excluding the China impact, revenue went up by 28 percent in 2023 on the strong showing of all its units, from malls and offices, to hotels and logistics. RLC's investment portfolio constituted the bulk of the revenue at P28.82 billion, while its developments covered P13.2 billion.
This story is from the March 09, 2024 edition of The Philippine Star.
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