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Robinsons Land earnings dip but ‘positive outlook’ seen ahead

Robinsons Land Corp.’s net income for the first quarter fell by 13% to P2.9 billion year on year despite a double-digit growth in revenues, the company reported in a regulatory filing on Friday.

Consolidated revenues for the period amounted to P16.67 billion, 35% higher than the P11.57 billion generated a year ago, due to increased economic activity.

“Business environment in the first quarter improved on the back of reduced quarantine restrictions and increased economic activity,” Robinsons Land President and Chief Executive Officer Mr. Frederick D. Go said in a statement.

Robsinsons Land’s EBITDA (earnings before interest, tax, depreciation, and amortization) declined by 50.5% to P4.17 billion from last year’s P6 billion, while its EBIT (earnings before interest and taxes) for the period dipped by 38.5% to P2.91 billion from P4.73 billion.

The company’s commercial centers division saw its revenues decline by almost 22% from the same period last year to P2.25 billion from P2.87 billion, while its EBITDA fell by 45% to P1.13 billion from P2.06 billion.

Robinsons Land said revenues for the segment improved by 22% from the previous quarter, while EBITDA went up by 65%.

The company did not provide comparative figures for the last quarter of 2020.

“Operational GLA (gross leasable area), number of operational tenants, and foot traffic showed signs of recovery in the first three months of the year,” the company said.

Around 20 Robinsons Malls have set up drive-thru saliva collection sites for COVID-19 (coronavirus disease 2019) testing and 17 vaccination centers, all done in collaboration with the Philippine Red Cross and local government units.

“We maintain a positive outlook for the future after the successful rollout of vaccination programs,” said Mr. Go.

Meanwhile, Robinsons Land’s hotels and resorts division recorded a 45% drop in revenues to P258 million from the P468 million in the first three months of last year.

But compared with the preceding quarter, the hotels and resorts segment’s revenues grew by 14% due to the improved performance of Go Hotels, the company said. The segment mainly catered to essential business sectors and the demand for temporary accommodation.

Realized revenues from the company’s residential segment went down by nearly 70% to P2.03 billion versus last year’s P6.7 billion due to the adoption of a new accounting treatment. Without this treatment, the company said revenues for the segment would have only declined by 19%.

Net sales take-up for the residential segment declined by around 28% to P2.82 billion from P3.9 billion.

“However, realized residential numbers continued to reel from delays in project completion caused by the COVID-19 pandemic,” the company said.

In March, Robinsons Land launched its first luxury horizontal property project Forbes Estates Lipa, which spans across a 21-hectare estate in Batangas.

Revenues from its office buildings division slid by six percent to P1.52 billion from P1.43 billion year on year. The segment ended the quarter with an EBITDA of P1.2 billion and an EBIT of P979 million.

Robinsons Land aims to complete five office projects that it describes as “ideal” for business process outsourcing firms, namely: Cybergate Iloilo 1, Cybergate Galleria Cebu, Cybergate Bacolod 2, Cyber Omega, and Bridgetowne East Campus 1.

Its industrial and integrated developments division finished the three-month period with P56 million in revenues, 42% lower than the P96.4 million seen in the first quarter of 2020.

“Developmental revenues from the partial recognition of gains and interest income on the sale of [a] prime lot to Shang Robinsons Properties, Inc. (SRPI) reached P97 million,” Robinsons Land said.

The segment generated P83 million each for its EBITDA and EBIT during the period.

Robinsons Land also realized revenues of P10.5 billion from the first phase of its China project, Chengdu Ban Bian. The overseas business also closed the quarter with an EBITDA and EBIT of P973 million each.

“The company has recovered 89% of its invested capital with the repatriation of $200 million,” Robinsons Land reported.

For the first three months, Robinsons Land spent P4.98 billion in capital expenditures covering land acquisitions, developments for malls, offices, hotels, and warehouse facilities, and for the construction of residential projects. The capital spending is 15.7% lower than the P5.91 billion spent year on year.

Shares of Robinsons Land at the stock exchange went up by eight centavos on Friday, closing at P16.50 apiece. — Keren Concepcion G. Valmonte

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