The property arm of listed conglomerate JG Summit, Robinsons Land Corp. (RLC), grew its net income modestly amid the upbeat performance of its residential and shopping mall businesses.
In its financial statement posted at the Philippine Stock Exchange website, RLC reported a net income attributable to equity holders of the parent company amounting to P1.2 billion for the April to June period, a bit higher from the P1.1 billion it registered in the previous year.
For the nine-month period ending June, the net income attributable to equity holders of RLC increased by 8.8 percent to P3.6 billion.
Also, total real estate revenues of the listed real estate developer were up by 24.3 percent to P11.2 billion against last year’s P9 billion, while its hotel revenues edged up by 11.8 percent to P1.1 billion.
Interest income of the company, however, decreased by P310.9 million, or 73.9 percent, because of lower cash levels as it stepped up its capital expenditures.
Real estate costs also went up by 30.4 percent from the higher cost of realized real estate sales and film rentals, among others, while hotel expenses increased by 7.7 percent from the increase in utilities and depreciation.
According to company’s financial report, its commercial center division contributed 44 percent, or P5.5 billion to gross revenues, posting a 15.7-percent growth. Metro Manila malls led by Robinsons Galleria and Robinsons Place Manila contributed to the growth, while most provincial malls also posted decent growth in rental revenues.
RLC’s Residential Division, on the other hand, contributed 38 percent, or P4.7 billion of the company’s revenues, up by 42.8 percent from last year’s P3.3 billion.
From the Office Buildings Division, the Gokongwei-led real estate firm got a 9-percent contribution, or equivalent to P1.1 billion of the its revenues, up by 4.8 percent from last year’s P1 billion.
The Hotels Division also contributed 9 percent, or P1.2 billion to the company’s revenues.