Robinsons Land net profit soars 90% in Q1

Robinsons Land Corporation (RLC) reported a significant 90% surge in its first-quarter net profit, reaching P2.66 billion, driven by the robust performance of its core business segments.

The company's total revenues also experienced a substantial increase of 39%, amounting to P9.28 billion during the first three months of the year.

RLC President and CEO Frederick D. Go attributed the strong financial results to strategic initiatives, solid fundamentals, and a healthy balance sheet, following a record-breaking previous year.

The investment portfolio, particularly its malls and hotels division, contributed significantly with a 38% rise in earnings, making up 73% of the consolidated revenues.

The property development segment also demonstrated healthy growth, generating P2.51 billion in revenues, a 42% increase.

RLC anticipates that its joint venture projects will play a crucial role in boosting its profitability in the upcoming quarters.

Additionally, the company has filed a registration statement with the Securities and Exchange Commission to raise up to P15 billion through the issuance of bonds.