ROBINSONS Land Corp. (RLC) saw higher foot traffic and retail spending in malls, larger contributions from its residential projects, higher bookings in its hotels and steady growth in its office segment.
These and the improvement across all its other domestic businesses led revenues to expand 38 percent year-on-year to P8.9 billion in the first quarter of 2023.
The meaningful increase in the operating earnings of its mall and residential divisions as well as the turnaround in the profitability of its hotel business helped RLC generate a net income of P2.7 billion.
This is nearly twice as high as its reported profits of P1.4 billion in the same period last year. (PR)