Robinsons Land Posts 34% Jump in Profit
An article published in The
Philippine Daily Inquirer, February 06, 2006
By: Elizabeth L. Sanchez
Robinsons Land Corp. of the Gokongweis said its net income jumped 34 percent
to P1.2 billion in its last fiscal year ending September 2005 from P920.7
million in the previous year.
In its financial report submitted to the Philippine Stock Exchange, RLC said
gross revenue rose 9 percent to P5.1 billion in fiscal year 2005 from P4.7
billion in fiscal year 2004.
RLC's commercial centers division pitched in 61 percent or P3.1 billion to
the company's gross revenue. This represents a 10.7-percent increase from
the previous year's P2.8 billion.
Driving the growth in this segment is rentals improvement in malls in
Galleria, Manila , Bacolod , Metro East, lipa in Bantangas and Dasmariñas,
Cavite .
Take-up was also strong in its new malls and the redeveloped Pioneer-Mandaluyong
mall.
The
company's high rise buildings unit booked gross revenue of P1.07 billion, up
by 6 percent from P1.01 billion in the previous year. This was attributed to
the substantial revenue contribution of “ Bloomfields ,”a residential
subdivision in Novaliches, Quezon City.
The division also enjoys stable recurring lease income from three of its
office buildings-Galleria Corporate Center, Robinsons Equitable Tower and
Robinsons Summit Center .
Rental income from these three buildings reached P220.7 million, or 6
percent higher than a year-ago level.
The hotels division registered gross revenue of P499.8 million, which was
lower than the previous year's P521.6 million.
The company also reported average hotel occupancy rates of 72 percent for
Holiday Inn Galleria Manila (HIGM), 80 percent for Cebu Midtown Hotel and 63
percent for Robinsons Apartelle.
The housing and land development division reported a 13-percent rise in
gross revenue to P448.1 million as of the end of September 2005 from P395.1
million in the same period the previous year.