RLC's mall, hotel business revenues UP in 2023

Business.(Business File photo)

ROBINSONS Land Inc.’s (RLC) malls and hospitality business recorded an increase in revenues driven by sustained growth in consumer spending and a resurgence in tourism and hospitality.

Year-on-year, mall revenues surged by 24 percent to P16.21 billion, with Ebitda (earnings before interest, taxes, depreciation and amortization) rising by 41 percent to P9.28 billion and Ebit jumping by 94 percent to P5.85 billion.

Rental revenues also saw a substantial increase, rising by 28 percent to P11.49 billion.

Currently, total mall leasable space stands at 1.6 million square meters, accommodating over 8,000 retailers, with a system-wide occupancy rate of 92 percent.

RLC also reported a flourishing hospitality business.

Robinsons Hotels and Resorts (RHR) almost doubled its revenue, reaching a record-breaking P4.56 billion.

All brand segments contributed to this growth, along with the food and beverage component and meeting, incentive, convention and exhibition business.

Fourth-quarter revenues also hit a record high of P1.32 billion, up six percent from the previous quarter, driven by Fili Hotel and Westin Manila, primarily due to higher average room rates.

In 2023, both Ebitda and Ebit experienced impressive growth rates of 303 percent and 293 percent, respectively, reaching P1.12 billion and P435 million. / PR


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