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ROBINSONS Land Corp. disclosed to the Philippine Stock Exchange that
profits for the first quarter of its fiscal year rose on the back of
higher real estate sales, the biggest revenue contribution among all
the company’s divisions.
At end-December, the property firm’s net
income grew by 12.2 percent to P681.9 million as revenues for the
first three months of its fiscal year climbed by 9.8 percent to
P2.354 billion.
The company’s high rises contributed about 43
percent of its total revenues at P1.019 billion, or 9 percent higher
year on year due to the recognition of realized sales from Gateway
Garden Ridge in Mandaluyong and McKinley Park Residence in Fort
Bonifacio.
Recurring office space rentals grew by 28
percent to P161 million, and these came from Galleria Corporate
Center, Robinsons Equitable Tower, Robinsons Summit Center and
Robinsons Cybergate Center Towers 1 and 2.
The company’s mall operations contributed 39
percent, or P924.1 million to total revenues with The Galleria Mall
in Ortigas, Metro East Mall in Pasig, Robinsons Dasmarinas in Cavite
and Robinsons Lipa in Batangas posting “decent growth” in rental
revenues.
The firm’s hotels posted a revenue growth of 5
percent to P295 million mainly due to the 9 percent increase in
sales from Crowne Plaza Hotel while its two other hotels registered
“satisfactory occupancy rates” for the three-month period.
The company’s horizontal or subdivision
developments through Robinsons Homes, Inc. and Trion Homes
Development Corp. reported a decline of 12 percent to P116 million
in realized revenues due to lower sales and project completion.
Real estate costs inched up by 4 percent to P811
million due to higher units sold and higher project completion of
high-rise projects while hotel costs and expenses increased due to
higher operating cost of Crowne Plaza. General and administrative
expense also rose 5 percent as the company increased advertising and
promotions.
-- Likha C. Cuevas-Miel
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