AP FILE PHOTO
MANILA, Philippines — Property developer Robinsons Land Corp. booked a 13.2 percent year-on-year decline in net profit to P1.03 billion for the quarter ending December 2013 due to typhoon and fire-related losses.
However, the company’s cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) continued to trend higher, rising by 14.1 percent to P2.32 billion for the quarter.
The October to December period is the first quarter in RLC fiscal year 2014.
In a disclosure to the Philippine Stock Exchange, RLC said total real estate revenues went up by 19.3 percent year-on-year to P3.98 billion while hotel revenues amounted to P401.2 million.
Aside from taking a hit from Super Typhoon “Yolanda” (Haiyan), which ravaged its mall in Tacloban, Leyte, RLC booked losses from a Galleria mall fire as well as a decline in interest income that in turn widened non-operating losses.
By business segment, the commercial centers division contributed 45 percent of RLC’s gross revenues and the residential segment had a 38 percent share. The office and hotel divisions respectively accounted for 8 percent and 9 percent of the business.