Robinsons Land income increases 28% to Php 419M
An article published in The
Philippine Daily Inquirer, February 15, 2006
By: Elizabeth L. Sanchez
ROBINSONS LAND CORPORATION (RLC), the
property development unit of the Gokongwei family, reported that its net
income rose 28 percent to P419 million from October to December, from the
P328 million posted the previous year.
During the first quarter of RLC's fiscal year in 2006, gross revenue also
grew 38 percent to P1.72 billion from P1.25 billion.
RLC's fiscal year ends on Sept. 30.
"The strategic initiatives we made across four business units have
translated to sustained growth and improved profitability," RLC executive
vice-president Frederick D. Go said in a statement.
In its financial report to the Philippines Stock Exchange (PSE), RLC said
revenues from its commercial centers accounted for P872 million of total
real estate revenues for the first quarter of fiscal year 2006, up from
P778.9 million posted in the same period last year.
Its flagship malls - Robinsons Galleria and Robinsons Place Manila -
continue to enjoy higher rental income, while new malls Robinsons Place
Pioneer and Robinsons Place Angeles and the redeveloped Robinsons Place
Novaliches are also contributing significantly to rental growth.
RLC high-rise buildings division's revenue grew by 84 percent to P526.7
million in the quarter ending December, from P286.3 million last year.
Its hotel division also posted gross revenues of P219.3 million for the
first quarter compared to last year's P116.8 million due to the opening of
Crown Plaza Hotel.