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Robinsons Land Corp. (RLC)’s net income for the
quarter ending March grew by over a fourth year on year as revenues
from the company’s new projects kicked in.
Its unaudited financial
statements filed before the Philippine Stock Exchange showed profits
rose by 27 percent to around P776.5 million from P609.9 million in
the same period in 2007.
RLC is the real-estate arm of JG
Summit Holdings Inc. of the Gokongwei group, which also has
interests in transportation, tele-communications, food, banking,
manufacturing, petrochemicals, power generation, publishing and
textiles.
For the first half of the year,
RLC’s net income went up by about 20 percent to P1.5 billion,
which boosted the company’s earnings per share by 21 percent to
P0.53 per share.
The company posted higher
revenues from its real estate business, which increased by half to
P2.5 billion. RLC’s hotel operations also contributed to higher
sales for the quarter, inching by 3 percent to P285.3 million.
RLC attributed the higher
revenues mainly to initial recognition of realized revenues from
four of its ongoing high-rise projects: Gateway Garden Ridge in
Mandaluyong, Mc-kinley Park Residence in Fort Bonifacio, Otis 888 in
Manila and Adriatico Place 3.
RLC’s chain of malls and
hotels, although they showed growth at modest single-digit levels,
buoyed profits further.
RLC operates the Galleria Mall in
Ortigas, Metro East Mall in Pasig, Robinsons Manila and other pro-vincial
malls.
Sales from the company’s
housing and land development division, on the other hand, slightly
dropped to P319.5 million
The company said it expects sales
to improve for the rest of the year with the growing influx of
tourists and business travelers and the infusion of new projects.
RLC’s shares closed higher
yesterday at P11.5 from P11.0.
--Euan Paulo C. Añonuevo
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