RLC posts 18% profit hike in Oct-Dec

MANILA, Philippines - Robinsons Land Corp. posted a net income of P1.65 billion in the first quarter of its fiscal year ending September 2016, up 18 percent from P1.4 billion a year ago.

The growth was driven by higher revenues, which rose 13 percent to P5.39 billion.

As a result, EBITDA rose by 16 percent to P3.01 billion, driven by the growth of its investment portfolio or its recurring revenue business, which accounted for 83 percent of the total.

Revenues from the commercial centers division reached P2.48 billion or about 46 percent of the company’s total revenues. The figure was 13 percent higher than the previous year.

“This was driven by the steady same mall rental revenue growth of seven percent as well as the contribution of the newly opened malls namely, Robinsons Place Antipolo, Robinsons Place Las Piñas, Robinsons Place Antique, Robinsons Novaliches expansion and Robinsons Galleria Cebu,” RLC said.

Its office buildings business also grew steadily and contributed 12 percent to total company revenues.  It  posted the highest revenue growth at 40 percent during the period with P655.3 million from P467.2 million.

New projects such as Tera Tower, as well as Cyberscape Alpha and Cyberscape Beta contributed to the strong growth of the division.

The hotels division generated nine percent of total  revenues, contributing P497.9 million or an increase of 11 percent year on year.

The residential division, meanwhile, contributed 33 percent or P1.75 billion to consolidated  revenues, which represented an increase of five percent.

Moving forward, RLC plans to grow its mall gross leasable area with the opening of four new malls and the expansion of one existing mall.

For the residential division, RLC plans to launch up to P15 billion worth of projects across all four of its residential segments.  These projects include The Residences at The Westin Manila Sonata Place, which will be located at the heart of the Ortigas Center.