MANILA, Philippines—Gokongwei-led Robinsons Land Corp. grew its net profit by about 3 percent to P1.19 billion in October to December last year on higher earnings from its shopping mall, office property and residential development businesses.
The figures during the three-month period, the first quarter in RLC’s fiscal year that ends in September, were based on unaudited numbers and were supported by a 9.2-percent growth in operating income or earnings before income tax during the year, RLC president Freferick Go said on Wednesday.
RLC’s revenue for the quarter rose by about 10 percent to P3.78 billion from year-ago level.
The property company has focused more on beefing up its shopping mall and office leasing portfolio and was selective in residential property development in the last 12 months. However, RLC recently signified intention to boost its residential portfolio. It has also gained a foothold in the country’s burgeoning gaming-oriented property development in partnership with Japanese pachinko mogul Kazuo Okada.
The $1-billion Manila Bay Resorts, an integrated entertainment and resort venture between Okada and RLC, is set to open in 2014 in Manila’s future gaming strip Pagcor City. The 44-hectare entertainment complex to be developed by Tiger Resort Leisure & Entertainment Inc. in Pagcor City will have three hotels, a shopping mall with cinemas, a trade hall, luxury retail stores and restaurants.
The gaming facility is targeted to have 30,000 square meters in gaming space, 500 gaming tables and 3,000 slot machines. A Las Vegas-style dancing water fountain will be part of the attraction while several residential towers will also be developed. RLC is still undergoing a due diligence on the residential component of the project and could not provide details yet.