RLC fiscal first 9-mth net income rises 11.8% to P4.8B

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Robinsons Land Corp. (RLC) posted an 11.8 percent increase in net income in the first nine months of the fiscal year ending in June, driven by real estate revenue.

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In a disclosure to the Philippine Stock Exchange on Friday, RLC said its net income rose to P4.8 billion from P4.4 billion posted a year earlier.

Consolidated revenue rose by 11.67 percent to P16.3 billion from P14.6 billion in the same comparable period. Real estate operations saw a 12.5 percent growth at P14.9 billion compared with the P13.3 billion.

RLC noted its Commercial Centers Division accounted for 46 percent of gross revenue at P7.4 billion, up 10.3 percent rise from P6.8 billion. Same mall rental revenue grew by 7 percent.

The residential division accounted for 33 percent of revenue, posting an 11 percent growth to P5.4 billion from P4.97 billion.

“Such growth is largely due to the new office buildings Cyberscape Alpha, Cyberscape Beta and Tera Tower,” RLC said.

“The eight existing office buildings likewise posted an average of 14.9 percent rental revenue growth this year.”

The firm’s Hotels Division accounted for 8 percent of revenue at P1.36 billion, a 3.5 percent increase from P1.31 million. RLC attributed the growth to the new Go Hotels Ortigas, Go Hotels Butuan, and Summit Magnolia Hotel.

Real estate costs in the nine months to June rose by 12.2 percent to P6.6 billion, while hotel expenses were slightly up 1.4 percent to P991 million due to the new hotels.

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