Robinsons Land Corp. recorded an 82-percent surge in its January-to-March net income to P3.34 billion from P1.8 billion year-on-year. It largely attributed the growth to its residential business, which changed its accounting policy to align with industry practice. This resulted in that segment’s 241-percent year-on-year revenue increase to P6.7 billion, contributing 58 percent to the consolidated revenues. According to Robinsons Land, it spent P5.91 billion of its capital expenditure (capex) on the development of malls, offices, hotels and warehouse facilities; land acquisition; and construction of residential projects. Robinsons Land shares climbed by 58 centavos or 4.04 percent to end at P14.92 each on Thursday.

Source: Manila Times May 07, 2020 16:32 UTC