RLC Q3 profit up 19% on strong residential, leasing gains

GOKONGWEI-LED Robinsons Land Corp. (RLC) reported a 19% increase in its third-quarter (Q3) attributable net income to P3.30 billion, driven by higher residential sales and steady leasing revenues from malls and office properties.

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Revenues for Q3 rose 25% to P12.58 billion, the company said in a disclosure on Monday.

“Excluding its onetime gain due to the reclassification of its GoTyme investment last year, attributable income rose by 10% year on year, reflecting the underlying strength of RLC’s core operations,” it said.

As of end-September, RLC’s nine-month attributable net income was up 2% to P10.17 billion, while consolidated revenues increased 13% year on year to P35.61 billion.

The company said its development portfolio grew by 28% in the first nine months, driven by a 76% jump in organic residential sales, while its investment portfolio, which includes malls and offices, expanded by 9%.

Robinsons Residences recorded a 30% increase in net sales to P4.06 billion from organic projects, while joint ventures contributed an additional P2.29 billion.