Robinsons Land Q1 net income up 4% to P3.48 billion

Robinsons Land Corp. (RLC) reported a 4 percent increase in its first-quarter net income, reaching P3.48 billion, primarily driven by the robust performance of its mall, office, and hotel segments.

The company's revenues for the period remained flat at P11.03 billion, attributed to a high base from the previous year.

Robinsons Malls experienced a 6 percent revenue increase to P4.72 billion, fueled by enhanced tenant sales and increased foot traffic.

The office segment also saw a 6 percent rise in revenue, amounting to P2.02 billion, largely due to rental growth.

RLC's hotel segment recorded a significant 12 percent revenue growth, totaling P1.51 billion, as a result of strong performance from both international and company-owned brands.

While RLC Residences saw a 25 percent surge in net sales to P846 million, its realized revenues declined by 31 percent to P1.95 billion, indicating a slowdown in payment collections.

The logistics and industrial facilities segment posted a 40 percent revenue increase to P268 million, boosted by new warehouse operations in Laguna and Pampanga.