RLC net income surges 42% in Q2 to P3.63 billion

Robinsons Land Corporation (RLC) announced a significant 42% surge in its second-quarter net income, reaching P3.63 billion, propelled by a recovering investment portfolio and contributions from its China project.

The company's overall profit for the first half of the year reached P5.36 billion, surpassing pre-pandemic earnings by 34%.

RLC's top line saw a substantial 29% increase, accumulating to P10.35 billion in the first half.

The property development segment was a key driver, generating P17.14 billion in realized revenues during the first half, largely due to the Chengdu Ban Bian Jie project in China and robust sales in domestic residential projects.

Revenues from the second phase of RLC's China project amounted to P12.67 billion in the first half, marking a 21% increase compared to the first phase's revenues last year.

RLC recently expanded its mall portfolio by an additional 24,000 square meters with the opening of Robinsons Place Antipolo, increasing its total mall leasable space to 1.58 million square meters.

The Robinsons Offices division also experienced growth, with revenues climbing 12% to P3.56 billion in the first six months of the year.