Robinsons Land Corp. (RLC), the property development arm of the Gokongwei-led JG Summit Holdings conglomerate and one of the Philippines' largest property developers, reported an 8% year-on-year increase in second-quarter attributable net income to P3.7 billion, supported by robust operating performance and reduced financing costs.

In a disclosure filed on Monday, the company said consolidated revenues for the three months ended June reached P13.1 billion, up 9% year on year, while net income for the quarter grew 15% to P4.6 billion.

For the first half of the year, RLC's attributable net income rose 5% to P7.2 billion, with consolidated revenues climbing 10% to P25.4 billion. Net income for the January-to-June period increased 12% to P9 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) advanced 8% to P13.5 billion. The company ended the first half with P280.7 billion in total assets.

"Our strong first-half performance reflects the resilience of our diversified portfolio and the strategic execution of our growth strategy across all business segments," said RLC President and Chief Executive Officer Mybell V. Aragon-GoBio in a media release.

"Despite a challenging operating environment, we delivered double-digit growth in revenues and consolidated net income while maintaining a strong balance sheet and healthy cash reserves. As we continue to see strong demand across our recurring income businesses and development portfolio, we remain focused on creating long-term value for our stakeholders through prudent investments and operational excellence," Ms. Aragon-GoBio added.

RLC said its investment portfolio remained a key growth driver during the first half. The malls segment posted P5 billion in revenues for the second quarter, bringing first-half revenues to P10 billion.

"Reflecting the continued strength of our retail ecosystem, solid tenant performance, and disciplined asset management, these results underscore the resilience of our mall platform and its ability to consistently generate sustainable earnings growth across market cycles," the company said.

The office portfolio sustained stable revenues of P4.37 billion in the first half, which RLC attributed to its high-quality office assets, tenant base, and rising occupancy rates. The resilience of the office segment comes amid a broader Philippine office property market that has been navigating headwinds from shifts in business process outsourcing demand and hybrid work trends. The hotel business generated P3.41 billion in first-half revenues, supported by contributions from its international hotel brands, while the logistics segment contributed P561 million.

The development portfolio also bolstered revenue growth, with the residential segment recording P5.81 billion in revenues during the six-month period, driven by higher construction progress and revenue recognition from residential developments.

Capital expenditure for the first half reached P7.5 billion, a 31.6% increase from P5.7 billion in the same period last year, reflecting higher spending under the company's growth strategy despite no significant land acquisitions during the period.

On the stock exchange, RLC shares closed 22 centavos, or 1.31%, higher at P17.06 apiece. — Ashley Erika O. Jose