GOKONGWEI-LED property developer Robinsons Land Corp. grew its net profit in the quarter ending December 2015 by 18 percent year-on-year to P1.65 billion as recurring earnings from commercial, office and hotel segments grew at a double-digit pace.
Consolidated revenues increased by 13 percent to P5.39 billion while cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) rose by 16 percent year-on-year to P3.01 billion, RLC said in a statement.
The October-to-December period is the first quarter in its fiscal year ending September 2016.
Recurring revenue business accounted for 83 percent of the company’s Ebitda for the period.
RLC’s commercial centers division generated 46 percent of the company’s total revenues, posting a 13-percent year-on-year revenue growth for the quarter to P2.48 billion. This was attributed to a steady same-mall rental revenue growth of 7 percent alongside the contribution of the newly opened malls, namely Robinsons Place Antipolo, Robinsons Place Las Piñas, Robinsons Place Antique, Robinsons Novaliches expansion and Robinsons Galleria Cebu.
As of end-2015, RLC had 41 malls nationwide, making it the second-largest shopping mall developer in the country.
RLC’s office buildings division contributed 12 percent to total company revenues and posted the highest revenue growth at 40 percent year-on-year during the quarter to P655.3 million. RLC ended the year with 11 completed office buildings.
The hotels division generated 9 percent of total company revenues amounting to P497.9 million, posting a year-on-year increase of 11 percent. Summit Hotel Magnolia and Go Hotels Butuan—both of which opened last year—contributed to this growth. RLC ended the year with a total of 14 hotel properties.
Meanwhile, RLC’s residential division contributed 33 percent or P1.75 billion to the company’s revenues, marking an increase of 5 percent.