MANILA, Philippines — The Gokongwei-led property developer Robinsons Land Corp. posted a net profit of P3.88 billion in the nine-month period ending June, up by 6.4 percent year-on-year, led by recurring earnings from its chain of shopping centers.
Revenues increased by 5.3 percent year-on-year to P13.1 billion during the first three quarters of RLC’s fiscal year on the back of a double-digit growth in commercial centers segment, stable growth from rental income from office and hotel properties, RLC said in a press statement.
RLC’s portfolio of properties which generate recurring income accounted for 64 percent of total revenues for the first three quarters while residential development accounted for the remaining 36 percent.
The commercial centers division grew its nine-month revenues by 10.7 percent to P6.05 billion, led by earnings from Robinsons Galleria, Robinsons Place Manila and the five new malls opened in Butuan (Agusan del Norte), Malabon, Malolos (Bulacan), Roxas City (Capiz) and Santiago (Isabela). Cash flow from this segment as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 10.7 percent.
The company derived 46 percent of nine-month revenues from shopping mall development in the nine-month period.
Other key business segments contributed as follows in the nine-month period:
* The office building segment grew revenues by 3.6 percent year-on-year to P1.11 billion, deriving lease income from eight office buildings; EBITDA from this segment grew by 3 percent;
* The hotels division – with its portfolio of 11 hotel properties with an average occupancy rate of 68 percent – contributed P1.16 billion to the nine-month earnings, up by 1.3 percent versus the same period last year; and,
* The residential segment booked revenues of P4.74 billion for the nine-month period while EBITDA was flat versus the same period last year.