Robinsons Land net income up 10%

Gokongwei-led property developer Robinsons Land Corp. grew its net profit in the first nine months of its fiscal year ending June by 10 percent to P3.35 billion.

The growth was attributed to the increase in the earnings of its shopping mall, residential development, hotel and office leasing businesses.

RLC’s biggest revenue contributor was the shopping mall segment with a share of 49 percent (P5.2 billion). Residential development followed with 31 percent (P3.31 billion), while the office and hotel portfolios each contributed 10 percent (about P1 billion).

All business segments posted growth in revenues for the nine-month period led by shopping malls and hotel businesses, which expanded revenues by 12 percent each. Revenues from residential development and office leasing grew by 6 percent and 8 percent, respectively.

Given the results of its respective business segments, combined real estate and hotel revenues were up by 10 percent year on year to P9.97 billion.

Interest income increased by 13 percent due to higher level of money market placements.

On the expenditure side, real estate cost went up by 11 percent due to higher level of repairs and maintenance for various malls and higher film rentals. Hotel expenses went up by 10 percent due to increases in the cost repairs and maintenance and utilities.—Doris C. Dumlao