RLC profit rises 12% to P7.3 billion in 9 months

MANILA,Philippines — Robinsons Land Corp. (RLC), the property arm of the Gokongwei family, posted a 12 percent increase in consolidated net income to P7.31 billion.

For the first nine months, earnings grew 44 percent.

“(The 12 percent) is within expectations because last year we had a land sale,” RLC president Frederick Go told The STAR.

Consolidated revenue grew 40 percent to P31.18 billion as it Chengdu Ban Bien Jie project in China begin contributing to RLC’s topline.

“This validates the company’s commitment to deliver earnings growth across all business segments we participate in. We continue to work towards improving future results for our shareholders,” Go said.

RLC’s consolidated mall revenue increased by 10 percent to P9.7 billion, supported by steady revenue from existing malls which grew by seven percent and contributions from the malls that were opened last year.

As of the end of September, RLC had 52 malls.

Revenue from the office buildings division rose 27 percent to P3.55 billion.

Rental revenue came from existing buildings such as Cyberscape Sigma, Cyberscape Gamma, Exxa Tower, and Zeta Tower.

RLC’s hotels and resorts division grew revenues by 14 percent to P1.69 billion due to the contribution from new hotels that opened this year.

RLC’s residential division posted strong performance in the third quarter as net pre-sales surged 65 percent to P6.34 billion.

“RLC started to realize revenues from the Chengdu Ban Bien Jie project in China with the amount of P8.84 billion and contributed 28 percent to RLC’s consolidated revenue.

The revenue came from Phase 1 residential high-rise apartments which was fully sold earlier this year with a total number of 795 condominium units.

RLC spent P18.69 billion for capital expenditures for its Philippine operations for the development of malls, offices, hotels and warehouse facilities, acquisition of land and construction of its residential projects.

Robinsons Retail Holdings Inc. meanwhile, reported a net income of P3.6 billion during the period.  Net sales grew 26.5 percent to P116.2 billion due to same store sales growth of 3.2 percent.