Robinsons Land net income up 22% to
P830.3-M
An article published in The
Philippine Star, May 15, 2006
By: Zinnia B. Dela Peņa
Robinsons Land Corp. (RLC) reported a net
income of P830.3 million in the first half of its fiscal year ending
September 2006, up 22 percent from the previous year's P678.7 million. In a
financial report filed with the Securities and Exchange Commission (SEC),
RLC said its gross revenues grew 32 percent to P3.35 billion while operating
income amounted to P1.197 billion from only P877 million. EBITDA, on the
other hand, amounted to P1.82 billion or an increase of 26 percent from the
year ago's P1.44 billion.
The commercial centers division continued to be RLC's largest revenue
contributor, accounting for 48 percent or P1.59 billion of total revenues.
The company's flagship mall, Robinsons Place Manila continue to enjoy
excellent rental income while newer malls, Robinsons Place-Pioneer and
Robinsons Place-Angeles and the redeveloped Robinsons Place-Novaliches also
contributed to the rental growth.
The company's high-rise buildings division registered revenues of P1.12
billion, more than double the P545.2 million recorded a year earlier. This
is mainly due to the recognition of realized revenues from its projects
particularly One Gateway Place, a middle-cost residential condominium
building in Pioneer St., Mandaluyong and One Adriatico Place located along
Adriatico St. Malate, Manila.
Likewise, the division's office buildings including the newly-opened
Cybergate Center in the Pioneer Complex, are enjoying almost full occupancy.
These office buildings have become the top choices of business process
outsourcing companies and call centers due to their prime locations and
technical design. Rental income from these buildings amounted to P160.3
million as against P109.9 million a year ago.
Meanwhile, the Hotel division registered revenues of P439.7 million, 87.74
percent higher than the year ago's P234.2 million due to the excellent
reception to the opening of Crown Plaza Hotel. Holiday-Inn Galleria Manila
remained steady while Cebu Midtown Hotel and Robinsons Apartelle in
Mandaluyong registered revenue growth of 18 percent and 38 percent,
respectively.
However, the company's housing and land development division, reported a
16.5 percent drop in revenues to P190.5 million, due to lower project
completion.
RLC's housing subsidiaries include Robinsons Homes Inc. and Trion Homes
Development Corp. RLC said real estate cost amounted to P1.2 billion, up 18
percent from P1.02 billion. Hotel costs and expenses increased due to the
opening of Crowne Plaza Hotel. General and Administrative expense rose 29
percent mainly as a result of higher marketing and selling expenses on
account of higher sales and revenues of high-rise and commercial divisions.
Interest income fell to P73.7 million from P124.2 million as the initial
adoption of Philippine Accounting Standard entails higher interest-bearing
principal compared to latter years.