RLC, Frabelle form joint venture

Gokongwei-led property developer Robinsons Land Corp. (RLC) has signed a joint venture deal with Frabelle Fishing Corp. to acquire and develop properties in Bacoor City, Cavite and other areas.

RLC and Frabelle agreed to set up a joint venture firm with an authorized capital of P1 billion.

“The project is intended to be a mixed-use development and may include residential units and commercial retail outlets,” RLC said in a disclosure to the Philippine Stock Exchange.

RLC’s nine-month profit rose 44 percent year-on-year to P6.6 billion on double-digit growth of earnings from its development and investment portfolios.

For the third quarter alone, its profit surged by 96 percent year-on-year to P3.2 billion, RLC said in a statement.

Consolidated revenue in the first nine months rose by 31 percent year-on-year to P21.8 billion while overall cash flow as measured by earnings before interest, taxes, depreciation and amortization rose 35 percent year-on-year to P12.6 billion.

RLC’s investment portfolio grew earnings by 14 percent year-on-year to P13.2 billion in January to September, driven by malls and offices divisions.

The development portfolio also surged by 72 percent year-on-year to P8.7 billion due to robust residential sales alongside significant gains in land sales to newly formed joint ventures with Asian property conglomerates. —DORIS DUMLAO-ABADILLA