Robinsons Land Corporation (RLC) posted a 53 percent jump in attributable net income to P4.07 billion in the first quarter of 2024 from the same period last year due primarily to a one-time gain.
In a disclosure to the Philippine Stock Exchange, the firm said that, excluding one-time gain on the reclassification of its GoTyme investment, net income reached P3.34 billion, up by 21 percent year-on-year.
Consolidated revenues saw a 19 percent growth to P11.03 billion compared to the same period last year.
RLC said its investment portfolio, led by the malls and hotels businesses, saw revenues improve 17 percent versus same period last year to P7.90 billion, accounting for 72 percent of the consolidated revenues.
Its property development portfolio, on the other hand, generated P3.13 billion in realized revenues in the first quarter of 2024. This resulted in a year-on-year growth of 25 percent, driven by higher revenue recognition from RLC Residences and earnings from equity shares in Joint Venture projects.
"Our remarkable first-quarter results following a record-breaking year is a testament to the successful execution of our strategic initiatives. Bolstered by our robust fundamentals and strong balance sheet, we remain steadfast in our pursuit toward sustained growth and innovative strategies," said RLC Chairman, President and CEO Lance Gokongwei.
Higher occupancy from both existing and new malls and sustained consumer spending pushed Robinsons Malls’ revenues up by 14 percent year-on-year to P4.45 billion, accounting for 41 percent of consolidated revenues.
Robinsons Offices revenues inched up 3 percent to P1.90 billion in the first quarter of 2024, primarily driven by steady rental growth in majority of its high-quality office developments.
Robinsons Hotels and Resorts (RHR) posted a 54 percent growth in revenues to P1.35 billion, driven by solid performance across all segments.
In the first quarter of 2024, Robinsons Logistics and Industrial Facilities (RLX) year-on-year revenues jumped by 40 percent, reaching P192 million.
Meanwhile Robinsons Destination Estate (RDE) recorded property development revenues of P252 million for the first three months of the year from the deferred sale of parcels of land to joint venture entities.
The Residential Division registered a 20 percent year-on-year increase in realized revenues, reaching P2.84 billion. Earnings from its equity share in joint venture projects reached P487 million, reflecting a 66 percent year-on-year growth.
For the first quarter of 2024, RLC Residences net sales take up is at P684 million while its joint ventures net sales take up is at P3.81 billion.