Gokongwei-led Robinsons Land Corp. saw its net income drop to P4.4 billion in the first three quarters from P7.3 billion in the same period last year.
In a disclosure on Friday, the real estate arm of JG Summit Holdings Inc. said their core businesses, especially their malls, saw increased consumer demand and signs of recovery after quarantine restrictions were eased.
It also said its consolidated revenues contracted to P20 billion from P31.2 billion year-on-year. Its development portfolio, which accounted for 49 percent of revenues, grew by 33 percent to P9.84 billion. This partially offset the 33-percent decline in its investment portfolio to P10.17 billion.
“We are encouraged by the steady recovery of our businesses on the back of improving trends seen on a quarterly basis, as well as in October. Increasing customer engagement and the sustained interest from external partners give us confidence that business will continue to pick up in the coming months,” Robinsons Land President and Chief Executive Officer Frederick Go said in the disclosure.
“For the remainder of the year, we will continue to focus on operational recovery while implementing strict safety protocols,” he added.
Revenues of Robinsons Land’s commercial centers division reached P4.8 billion in the first three quarters while ebitda hit P3.43 billion.
Its office buildings division’s revenues rose by 20 percent to P4.34 billion amid the sustained operations of business process outsourcing companies and strong demand for flexible workspaces.
The residential division’s topline, meanwhile, improved by 36 percent to P9.75 billion, while its sales takeup hit P5.96 billion.
Revenues from the operational industrial facilities of the firm’s industrial and integrated developments division surged by 101 percent to P164 million on the back of its two warehouse facilities. Recognized revenues from the sale of commercial and industrial lots was at P85 million.
The hotels and resorts division generated P856.4 million in revenues.
Robinsons Land also reported that it has spent P10.41 billion for land acquisitions; development of malls, offices, hotels and warehouse facilities; and construction of residential projects for its local operations.
It also said it looked to list a real estate investment trust for some of its office assets in 2021. The company currently has 25 office buildings with a total net leasable area of over 600,000 sqm.
Robinsons Land shares gained 40 centavos or 2.44 percent to finish at P16.80 each on Friday.
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