RLC post P2.8-B income

Gokongwei-led property developer Robinsons Land Corp. grew its net profit in the six-month period ending March by 25 percent to P2.8 billion due to the double-digit growth across all businesses.

For the quarter ending March alone, net profit amounted to P1.4 billion or about 16.7 percent higher year-on-year, based on RLC’s regulatory filing.

RLC’s fiscal year ends every September, which means that the January to March period marked the second quarter in its fiscal year.

This quarter, RLC said operating income increased by 27 percent to P1.85 billion. Revenues for the quarter went up by 20 percent to P4.89 billion while cash flow based on earnings before interest, taxes, depreciation and amortization (Ebitda) expanded by 23 percent year-on-year to P2.61 billion.

The growth this quarter was attributed to the strong performance of each of its business units, with the cash flow of the commercial centers division increasing by 13 percent, the office buildings division by 45 percent, the residential division by 53 percent and the hotels division by 24 percent.

“The investments made by the company in previous years are now generating returns. We remain positive on the outlook of our core businesses,” RLC president Frederick Go said.

For the six-month period ending March, revenues were up by 14 percent year-on-year to P9.7 billion while Ebitda grew by 17 percent to P5.19 billion. Doris Dumlao-Abadilla