Robinsons Land H1 profit up 48% to P1.8B
By Zinnia B. Dela Peña
Philippine Star August 10, 2007
Robinsons Land Corp. (RLC) posted a
48-percent jump in its first half net profit to P1.82 billion due to the
robust rental income growth in most of its shopping malls.
In a report to the Philippine Stock Exchange, RLC said gross revenues rose
24 percent to P5.962 billion, with the commercial centers division
accounting for 41 percent or P2.46 billion of total.
RLC attributed the increase in commercial centers revenues to rental
escalations and strong rental income from almost all malls, more
particularly Robinsons Place — Cainta, Robinsons Place — Pioneer/EDSA,
Robinsons Metro Bacolod, Robinsons Place — Lipa and Galleria Mall in Ortigas.
Meanwhile, the High Rise Buildings Division registered a 60-percent growth
in revenues from P1.44 billion to P2.3 billion, largely due to the initial
recognition of realized revenues from two of its ongoing projects, Two
Adriatico Place in Ermita, Manila and Fifth Avenue Place in Fort Bonifacio.
Recurring lease income from its five office buildings — Galleria Corporate
Center, Robinsons Equitable Tower, Robinsons Summit Center and Robinsons
Cybergate Center Towers 1 and 2 — amounted to P411 million compared with
P237 million over the same period last year, or an increase of 73 percent.
“These properties have become the choice corporate addresses of reputable
multinational and domestic companies as well as BPO firms,” RLC said.
RLC’s Housing and Land Development Division, through two housing
subsidiaries Robinsons Homes Inc. and Trion Homes Development Corp.,
registered revenues of P388 million or five percent higher than the year
ago’s P369 million as more units were sold and ongoing projects completed.
The Hotel Division, meanwhile, realized revenues of P818 million, an
increase of 24 percent from P658 million, mainly due to the 48-percent
growth in revenues of Crowne Plaza Hotel. The company’s two other hotels and
an apartelle registered satisfactory occupancy rates for the period. The
division expects better results to come with the growing influx of tourists
and business travelers.
Real estate cost increased 33 percent to P2.287 billion due to the higher
number of units sold and project completion of High Rise Division projects,
particularly Fifth Avenue Place and Two Adriatico Place.
As of end-June this year, RLC had total assets of P35.9 billion while total
equity was at P20.7 billion.