RLC net profit up 20% by end-Sept.
Property developer Robinsons Land Corp. (RLC) grew its net profit in the fiscal year ending September 2015 by 20 percent to P5.7 billion as its business segments expanded across the board.
Revenues increased by 16 percent to P19.73 billion for the year, driven by the double-digit expansion in its office building, residential, hotel and commercial center divisions.
“Our balanced mix of investment and development components ensures RLC of stable recurring revenue,” the company said in a press statement on Thursday.
RLC’s investment portfolio—comprised of commercial centers, offices and hotels divisions—accounted for 66 percent of the company’s total revenues and 83 percent of total cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA).
The development portfolio, comprised of the firm’s four residential brands, accounted for 34 percent of the company’s total revenues and 17 percent of total EBITDA.
The flagship commercial centers division, on the other hand, posted a 13 percent revenue growth to P9.12 billion. The newly opened malls in 2014 and 2015, namely Robinsons Malolos, Robinsons Butuan, Robinsons Santiago, Robinsons Roxas, Robinsons Antipolo and Robinsons Las Pinas, contributed to the increase in revenues.
In addition, the reopening of Robinsons Tacloban in June 2014, previously devastated by Supertyphoon Haiyan (local name: Yolanda), contributed to the growth while most provincial malls also posted decent growth in rental revenues.
EBITDA from the shopping mall or commercial centers division grew by 10 percent. RLC ended the fiscal year with a total of 40 commercial centers with an average occupancy rate of 96 percent.
RLC’s office building segment posted the highest growth of 45 percent in the fiscal year to P2.24 billion. This was attributed to lease income from new office buildings Cyberscape Alpha and Cyberscape Beta, both with occupancy rates of 100 percent as of end-September.
EBITDA from this segment grew by 43 percent. RLC ended the period with a total of 11 completed office buildings with an average leased out rate of 99 percent.
The hotel division registered revenues of P1.75 billion for the period, posting a 14 percent increase compared to the same period last year. RLC ended the period with a total of 14 hotel properties with an average occupancy rate of 69 percent.
Meanwhile, RLC’s residential division booked P6.62 billion revenues during the fiscal year, up by 13 percent. EBITDA grew by 25 percent.