ROBINSONS Land Corp. (RLC) said profit for the first quarter of the year hit P3.34 billion, up 82 percent from P1.8 billion last year.
Revenues amounted to P11.57 billion, up 70 percent from P6.79 billion. Earnings before interest tax depreciation and amortization (EBITDA) was at P6 billion, up 59 percent from P3.77 billion.
The company said its robust earnings growth was mainly driven by the residential business as it changed its accounting policy “to align it with the industry practice.”
“This resulted in the residential business posting a 241 percent year- on-year increase to P6.7 billion and contributed 58 percent of the consolidated revenue,” it said.
RLC, however, said its investment portfolio posted flat revenues because of the operational disruptions caused by the implementation of enhanced community quarantine in mid-March to curb the spread of the new coronavirus disease 2019 (COVID-19)”
“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. 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 wellbeing of our employees, business partners, and patrons,” said Frederick Go, RLC president.
The Gokongwei-controlled property company closed the period with a net cash position of P6 billion, and net gearing ratio remaining low at 0.38x. Total assets stood at P195 billion while shareholders’ Equity was at P104 billion.
