Robinsons Land 2019 net income up 6%

Real estate developer Robinsons Land Corp. (RLC) on Monday reported a 6% climb in its bottom line for 2019, driven mainly by its recurring rental businesses.

In a regulatory filing, RLC said its net income rose to P8.69 billion in 2019 from the P8.22 billion recorded the previous year.

Consolidated revenues likewise grew P1.02 billion to P30.58 billion from P29.56 billion in 2018 — mall revenues up 11%, office buildings up 24%, hotels up 23%, and residential up 5%.

For the full-year 2019, RLC spent P25.40 billion in capital expenditure for its Philippine operations for the development of malls, offices, hotels and warehouse facilities, and the acquisition of land and construction of residential projects.

RLC counts as subsidiaries Robinson's Inn Inc., Robinsons Realty and Management Corporation, Robinsons Properties Marketing and Management Corporation, Robinsons (Cayman) Limited, Altus Angeles Inc., Altus Mall Ventures Inc., Altus San Nicolas Corp., GoHotels Davao Inc., RLC Resources Ltd., Bonifacio Property Ventures Inc., and Bacoor R and F Land Corporation. —Jon Viktor D. Cabuenas/KBK, GMA News