Robinsons Land Q1 profit surges by 90%

MANILA -Gokongwei-led Robinsons Land Corp. saw first quarter profits soar by 90 percent to P2.66 billion as its core business units continued to grow.

The builder, part of conglomerate JG Summit Holdings, said revenues also jumped 39 percent to P9.28 billion, a statement on Monday showed.

“We posted robust first quarter numbers right after a record year. This is a result of the strategic initiatives we continue to pursue on the back of strong fundamentals and a solid balance sheet,” said RLC president and CEO Frederick D. Go.

RLC’s investment portfolio recorded strong revenue growth from January to March this year.

Malls and hotels saw earnings increase 38 percent to P6.77 billion. This accounted for 73 percent of consolidated revenues.

Property development generated P2.51 billion in revenues during the period, translating to a growth of 42 percent.

“The company expects its joint venture projects to be a meaningful contributor to its bottom-line in the succeeding quarters,” Robinsons Land said.

The developer said in a separate stock exchange filing that it had submitted a registration statement with the Securities and Exchange Commission to raise as much as P15 billion via the sale of bonds.

The offer would be comprised of a principal amount of P10 billion and a P5 billion oversubscription option.

The builder mandated BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., and SB Capital Investment Corp. as joint issue manager, joint lead underwriters and joint bookrunners for the debt sale. Security Bank Corp.’s trust and asset management group shall serve as trustee.