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ROBINSONS Land Corp. (RLC), the property unit of
Gokongwei family-led JG Summit Holdings Inc., reported a healthy
increase in its profits for its fiscal year ending September 30,
2006, owing to higher revenues from its real estate and hotel
operations.
In a report submitted to
regulators, RLC said its net income swelled to P1.72 billion from
P1.23 billion in 2005.
Gross revenues from real-estate
projects jumped to P5.73 billion from P4.61 million, while income
from hotel operations almost doubled to P903.5 million from P499.8
million. Total gross revenues therefore rose nearly 30 percent to
P6.643 billion last year.
The increase in costs and
expenses was slightly tempered at P4.3 billion from P3.7 billion
previously.
The company said its Commercial
Centers Division contributed 48.5 percent of gross revenues. Income
before taxes was P2.424 billion, an increase of 51 percent from
P1.603 billion the previous year.
The property developer said it
spent P6.32 billion for capital expenditures, the money for which
were internally generated and sourced from long-term borrowings.
--Cheryl M. Arcibal
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