Robinsons Land Jan-Mar income up 17%
An article published in The
BusinessMirror, May 15, 2006
By:Honey Madrilejos-Reyes, Reporter
Robinsons Land Corp. (RLC), the property
subsidiary of the Gokongwei-controlled JG Summit Holdings, posted a
17-percent growth in net profit from January to March this year to P411.3
million compared to P350.7 million in the same period 2005.
The amount represents the second-quarter profit of the company, which fiscal
year ends in September.
Gross revenues, on the other hand, were higher at P1.63 billion compared to
the previous level of P1.28 billion. Income from operations likewise rose 26
percent to P578.6 million compared to P459.3 million in 2005.
In a financial statement filed with the Securities and Exchange Commission
(SEC), Robinsons Land said its largest revenue contributor remains to be the
commercial centers division. Its flagship mall, Robinsons Place Manila,
continues to enjoy excellent rental income, with newer malls such as
Robinsons Place-Pioneer (Mandaluyong City) and Robinsons Place-Angeles (Pampanga)
and the redeveloped Robinsons Place-Novaliches (Quezon City) also
contributing to the rental growth.
The high-rise buildings division has also been a consistent income earner
especially with projects like the One Gateway Place (Mandaluyong) and One
Adriatico Place (Manila).
“Likewise, the division's office buildings including the newly opened
Cybergate Center in Pioneer Complex, are enjoying almost full occupancy,”
the company report stated.
The hotel division is also another contributor to RLC's recurring revenues
due to the recently opened Crown Plaze Hotel (Ortigas, Pasig). Holiday Inn
Galleria Manila, Cebu Midtown Hotel and Robinsons Apartelle were also plus
points, the company said.
Robinsons Land earlier announced it was doubling its capital expenditure
this year to P7 billion from P3.5 billion in 2005.
The capex will bankroll the company's three important projects, namely,
increase in landbanking; building of four malls; and putting up of new
office buildings to serve the growing markets for business process
outsourcing and call centers.
At least P2 billion will go to landbanking while P1.5 to P2 billion will be
spent for the new malls. The balance will be for the construction of office
buildings.
RLC has programmed the building of seven new malls starting this year up to
2008. Go said the malls would be situated in Davao, Tagaytay, Sucat, Manila,
Pangasinan, General Santos and Dumaguete.
At present, RLC operates 18 malls around the country with total gross floor
area of 1.1 million square meters.
With respect to the construction of new office buildings, Go said the
company wants to keep its mark of being the largest landlord for call
centers and BPOs operating in the country.