Robinsons Land Corp. led by bilyonaryo Frederick Go posted the best results among the country’s top property developers in an underwhelming first quarter in 2021.
RLC was the only Big Four property firm which did not post double digit drops in profits.
Its net income fell by 8.4 percent to P2.895 billion during the period compared to Ayala Land Inc. (down 35 percent to P2.779 billion), Megaworld Corp. (down 34 percent to P2.49 billion), and SM Prime Holdings (down 22 percent to P6.52 billion).
Abacus Securities cited three “quirks” on why RLC managed to do better than its peers during the COVID-ravaged first quarter.
“RLC looks even better considering that last year was a high base (boosted by an accounting change). Second, total residential revenues ballooned 84 percent although this was because sales and earnings from a project in Chengdu, China were finally recognized last quarter.
Lastly, a one time net benefit from Create added P829 million to the company’s bottom line,” said Abacus in a report.
RLC reported brisk sales of its high-rise condo units and low-rise duplex villas in Chengdu, Sichuan province (home of
China’s world-famous pandas) despite the raging pandemic last year.
While RLC’s mall and office revenues plunged just like its peers, Abacus said its numbers were better than ALI or SMPH.
RLC’s revenues grew by 35 percent to P16.666 billion while the others registered a drop in sales – ALI down 13.5 percent to P24.63 billion, SMPH down 20 percent to P21.039 billion and Megaworld down 35 percent to P9.329 billion.
SOURCE: Bilyonaryo
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