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RLC nets P1.38B

/ 09:55 AM May 11, 2017

Robinsons-Land

Gokongwei-led Robinsons Land Corp. booked an 11-percent year-on-year decline in first quarter net profit to P1.38 billion due to a slump in earnings from residential development.

Total real estate revenues went down by 2 percent year-on-year to P4.98 billion in the first quarter, RLC said in a regulatory filing on Thursday.

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The commercial centers division contributed 49 percent or P2.69 billion to RLC’s gross revenues. This segment grew by 11 percent, driven by same mall rental revenues which grew by 3 percent while RLC’s new malls – Robinsons General Trias, Robinsons Tagum, and Robinsons Place Jaro – started contributing revenues.

Amusement revenue went up by 29 percent year-on-year to P484.4 million in the first three months.

The residential division contributed 29 percent or P1.55 billion to total revenues. This led to a 27.7 percent year-on-year decline in revenues from real estate sales to P1.33 billion.

The office property portfolio contributed 14 percent of group-wide earnings or about 14 percent amounting to P734.2 million. This business grew by 8 percent year-on-year.

RLC’s hotels business contributed 8 percent or P456 million to the company’s revenues. This business grew by 6 percent.

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TAGS: Gokongwei, JG Summit, RLC, Robinsons Land Corp
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