MANILA -- Robinsons Land Corp said Thursday its net income grew 82 percent for the first quarter this year driven by its residential business.
Net income for January to March reached P3.34 billion from P1.8 billion for the same period in 2019, RLC said in a statement. Consolidated revenue rose 70 percent to P11.57 billion from P6.79 billion, it said.
Its investment portfolio posted flat revenues in the first 3 months of the year due to COVID-19 disruptions, RLC said.
Robinsons' mall business posted an 8 percent decline in revenue while its hotels and resorts unit's revenue declined by 10 percent since it was "heavily affected" by the lockdown it said.
The office buildings division posted the highest growth for the period, RLC said.
“RLC continues to be optimistic about its growth outlook as it builds a larger and more diversified platform. Our strong fundamentals and solid balance sheet will help us navigate the challenges brought about by the new corona virus," RLC president and CEO Frederick Go said.
"We will also seek opportunities and new ways of doing business to deliver long-term sustainable value. As we emerge from the enhanced community quarantine, our priorities are the welfare and well-being of our employees, business partners, and patrons,” Go added.
Three new projects worth P10 billion were launched during the period, RCL said.