Robinsons Land’s REIT reports 67% profit growth

RL Commercial REIT, Inc. (RCR) registered a 67.2% rise in third-quarter attributable net income to P1.14 billion after completing new acquisitions, it said on Thursday.

In a regulatory filing, the real estate investment trust (REIT) of Robinsons Land Corp. said revenues for the period doubled to P1.45 billion from P718.23 million a year ago.

Rental income accounted for the bulk of revenue as it increased more than twice to P1.19 billion from P585.55 million a year ago.

During the quarter, Robinsons Cyberscape Gamma was transferred to RCR through an asset-for-share swap. The move allowed revenues from the development to be accrued to RCR.

Earlier this year, RCR added Robinsons Cybergate Bacolod to its portfolio, also from its listing sponsor, Robinsons Land.

“The infusion of two accretive assets shows our unrelenting commitment to continuously grow RCR,” said Jericho P. Go, president and chief executive officer of RCR, in a press release.

For the nine-month period, RCR’s attributable net income increased by almost five times to P3.13 billion from P633.79 million last year.

Revenues from January to September stood at P1.45 billion, more than double the P718.23 million posted a year ago.

Rental income was the largest year-to-date contributor with P1.19 billion, up by 103.8% from P585.55 billion.

RCR shares rose 0.79% or P0.04 to close at P5.13 each on Thursday. — Justine Irish D. Tabile