Robinsons Land Corp said Tuesday net income in the quarter ended December grew 20% compared to the previous three months, indicating the property developer's resilience during the pandemic.
Net income in the fourth quarter was at P863 million, RLC said in a disclosure. Full-year net income was at P5.26 billion.
"Amid the challenges of 2020, we adopted new ways of working and embraced a mindset of innovation to continue serving our customers,"said RLC President and CEO Frederick Go.
"We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile. As the business gradually recovers from the impact of community quarantines, we will continue to support our employees, business partners, and stakeholders," he said.
Consolidated revenues were down 17% to P25.40 billion, down 17%. The Company’s development portfolio, which accounts for 49% of consolidated revenues, grew 30% to P12.26 billion. This partially offset the decline in the investment portfolio which fell 38% to P13.15 billion.
The Commercial Centers Division sustained its recovery and RLC is optimistic that the malls business will continue to rebound as quarantine restrictions ease and vaccinations start.
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The Office Buildings Division will continue to increase leasable space and expand its portfolio of flexible workspaces under the work.able brand, which has sites in Pasig, Taguig and Quezon City.
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The Residential Division recorded P12.13 billion full-year revenues, 33% higher versus the same period last year. Earlier in 2020, the Company launched three new projects worth P10 billion – the Sapphire Bloc South in Ortigas Center and Sierra Valley Gardens Buildings 1 & 2 located in Cainta, Rizal.
The Industrial and Integrated Developments Division grew revenues from operational industrial facilities by 90% to P262 million driven primarily by its two warehouse facilities. EBITDA increased three-fold to P139 million, while EBIT closed at P86 million. For 2020, recognized revenues from the sale of commercial and industrial lots reached P133 million.
The Robinsons Hotels and Resorts Division achieved a quarter-on-quarter revenue growth of 16% as Dusit Thani Mactan Cebu re-opened in November and as quarantine business improved in the 4th quarter. Mainly catering to the essential business sectors and serving the need for temporary accommodation, the Hotels & Resorts Division ended 2020 with revenues of P1.08 billion.
"Heading into 2021, we expect to sustain the gradual recovery of our businesses as quarantine restrictions ease and consumer confidence starts to bounce back. We will continue to provide relevant real estate solutions, while prioritizing health and safety," Go added.
Disclaimer: Robinsons Land is a part of JG Summit Holdings, as is Summit Media Group, which publishes Reportr.World