Robinsons Land Corp. (RLC) reported profit of P5.26 billion in 2020, down 39.47 percent from P8.69 billion the prior year.
Revenues reached P25.40 billion, down 17 percent from P30.6 billion.
“The company’s development portfolio, accounting for 49 percent of consolidated revenues, increased by 30 percent to P12.26 billion to partially offset the decline from the investment portfolio which ended at P13.15 billion, 38 percent lower versus the same period last year,” the company said.
RLC said its commercial centers division posted earnings before interest tax depreciation and amortization (EBITDA) of P4.11 billion over revenues of P5.96 billion.
“RLC is optimistic the malls business will continue to rebound as quarantine restrictions ease and vaccinations start,” the company said.
The company’s office buildings division posted revenues of P5.85 billion, up 10 percent.
EBITDA was up P5.08 billion, up 11 percent.
“The office buildings division will continue to increase leasable space and expand its portfolio of flexible workspaces under the work.able brand, which currently has operational sites in Pasig, Taguig and Quezon City,” RLC said.
The company’s residential division at the same time posted revenues of P12.13 billion, up 33 percent. EBITDA hit P4.17 billion, up 40 percent.
Sales takeup reached P7.29 billion.
Frederick Go, RLC president, said the company expects to sustain the gradual recovery of its hotels and resorts division businesses as quarantine restrictions ease and consumer confidence starts to bounce back.