Robinsons Land Corporation (RLC), a leading diversified real estate company in the Philippines, reported that its net income surged 236 percent to P2.9 billion in the first  quarter 2021 from the fourth quarter last year.

However, based on its disclosures to the Philippine Stock Exchange, first quarter net income is 13 percent lower than the P3.34 billion earned in the same period of 2020.

Amid an unprecedented business environment, RLC achieved consolidated revenues of P16.67 billion in the first three months to accelerate by 35perce t versus the same period last year.

Company’s Development Portfolio accounted for P12.58 billion of consolidated revenues for a 91 percent year-on-year growth, primarily driven by sales from RLC’s Chengdu Ban Bian Jie project in China.

“Business environment in the first quarter improved on the back of reduced quarantine restrictions and increased economic activity. We maintain a positive outlook for the future after the successful rollout of vaccination programs," RLC President and CEO Frederick Go said.

TheCommercial Centers Division recorded significant improvements in revenues and EBITDA versus the previous quarter, growing at 22 percent and 65 percent to end at P2.25 billion and P1.13 billion, respectively.

Operational GLA, number of operational tenants, and foot traffic showed signs of recovery in the first three months of the year.

TheHotels and Resorts Division delivered a quarter-on-quarter double-digit growth in revenues of 14 percent, primarily attributable to the improved performance of Go Hotels.

Mainly catering to the essential business sectors and the demand for temporary accommodations, the Hotels & Resorts Division ended the first quarter with revenues of P258 million.

TheResidential Division noted upswings in demand for residential units as net sales take-up for the first three months of 2021 reached P2.82 billion, more than double that of the previous quarter and 72 percent of pre-COVID levels.

Leveraging on its portfolio of high-quality assets, the Office Buildings Division continued to generate stable revenues.

However, the additional revenue recognized the previous year, in compliance with Philippine Financial Reporting Standards on Leases (PFRS 16), caused revenues for the first quarter to slide by 4 percent to P1.52 billion.

Without the adjustment, revenue would be up by 2 percent year-on-year.

TheIndustrial and Integrated Developments Division remained largely insulated from the effects of the pandemic.

Similar to the Office Buildings Division, the additional revenue booked a year ago in compliance with PFRS 16 caused revenue to drop 15 percent to P56 million for the first quarter of 2021. Without the adjustment, revenues would be up 10 percent.

In the first quarter of 2021, RLC realized revenues of P10.5 billion from its Chengdu Ban Bian Jie project following the handover of units to buyers for Phase 1. Furthermore, the Company has recovered 89 percent of its invested capital with the repatriation of US$200 million.