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Robinsons Land Corp. , the property arm of the Gokongwei Group, said Friday its first-quarter net income ballooned by 53 percent to P4.07 billion on the back of a double-digit growth in sales and one-time gain on reclassification of its GoTyme investment.
First-quarter consolidated revenues rose 19 percent to P11.03 billion from the same period last year boosted, by double-digit growth from its residential, mall and hotel businesses. RLC’s mall business posted a 14-percent increase in revenues to P4.45 billion in the first three months of the year on higher occupancy from both existing and new malls and sustained consumer spending.Total mall leasable space stands at 1.62 million square meters, with over 8,400 retailers and a 93 percent system-wide occupancy rate.
The company’s hotel portfolio consists of 26 hotel facilities and four franchisees. Its property development portfolio generated P3.13 billion in realized revenues in the first quarter, up 25 percent year-on-year.
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