Robinsons Land H1 earnings up by nearly 50%

Metro Manila (CNN Philippines, August 5) — Robinsons Land Corp. (RLC) saw earnings surge by almost 50% in the first six months of 2021, the company announced Thursday.

In a disclosure to the Philippine Stock Exchange, RLC declared a net income of ₱5.45 billion from January to June - up by 48% from the same period last year.

"The robust growth in the first half of 2021 is driven by the continued recovery of RLC's core businesses, which posted a 51% surge in net income," the real estate company said.

RLC also cited "recorded earnings from its Chengdu Ban Bian Jie project in China, as well as from the sale of parcels of land within the Bridgetowne Destination Estate."

On a quarterly basis, the listed firm reported ₱2.56 billion in earnings from April to June, noting this exceeded last year's figures by "almost fourfold," with increasing customer activity and engagement in its malls, offices, hotels, industrials along with property development and residential operations.

RLC also reported it was able to recover 89% of its invested capital in its Chengdu Ban Bian Jie project, "with the repatriation of US$200 million."

The project logged ₱10.51 billion in revenues after the handover of Phase 1 condominium units, it added.

"Our performance for the first half of the year is a testament to the success of our strategic initiatives which positions the Company for recovery and growth," said RLC president and chief executive officer Frederick Go, who also vowed the firm will keep pursuing new opportunities and "agile" innovations.

RLC shares finished at ₱16.30 apiece on Thursday - down 0.73% from Wednesday's close.