Gokongwei anchor firms RLC, URC post strong Q1 earnings

The property development arm and the food and beverage unit of the Gokongwei Group posted robust earnings in the first quarter as sales improved across all their business divisions.

- RICHMOND MERCURIO

Robinsons Land Corp. (RLC) grew its income by more than half on the back of strong growth performance across all its business units, while higher operating income and forex gains boosted the earnings of Universal Robina Corp. (URC) by a little over a fifth in the first quarter.

RLC’s net income attributable to parent surged by 53 percent year-on-year to P4.07 billion from January to March.

Excluding one-time gain on the reclassification of its GoTyme investment, net income to parent stood at P3.34 billion, up by 21 percent year-on-year.

“Our remarkable first-quarter results following a record-breaking year is a testament to the successful execution of our strategic initiatives,” RLC chairman, president and CEO Lance Gokongwei said.

URC, meanwhile, reported a net income of P4.4 billion during the quarter, up by 21 percent year-on-year.

The company’s sales grew by seven percent to P42.6 billion, fueled by higher sales volumes across all divisions.