GOKONGWEI-LED Robinsons Land Corp. (RLC) reported a 14.4 percent increase in consolidated net income for the first six months ending March 31 on the back of strong real estate sales.
The company said consolidated net income in the first half rose to P3.2 billion from P2.8 billion a year ago, while gross revenues reached P10.99 billion, up 13 percent from the P9.7 billion recorded last year.
In a financial report to the Philippine Stock Exchange on Friday, RLC said total real estate revenues grew 13.1 percent to P9.95 billion from the P8.8 billion posted in the previous year.
RLC noted that its commercial centers division accounted for 45 percent of gross revenues at P4.9 billion, a 10.4 percent increase from the previous year.
This was mainly driven by the rental revenue contribution of new malls, namely Robinsons Place Antipolo, Robinsons Place Las Pinas, Robinsons Place Antique and Galleria Cebu.
Meanwhile, the company’s residential business segment contributed 34 percent of gross revenues at P3.7 billion, up 10.48 percent from last year.
The office buildings division accounted for 12 percent of gross revenues at P1.34 billion, a 35 percent increase from the previous year.
“Such growth is largely due to the new office buildings Cyberscape Alpha, Cyberscape Beta and Tera Tower,” RLC said
The hotel segment generated revenues of P926.4 million, up 4.5 percent from last year, accounting for 9 percent of the gross revenues.
Meanwhile, real estate costs expanded 11.9 percent to P4.37 billion, which was attributed to the increase in hotel expenses brought about by the operation of its new hotels namely Go Hotels Ortigas, Go Hotels Butuan, and Summit Magnolia Hotel.
Earlier this week, RLC noted that its board of directors has approved the change of RLC’s fiscal year to January 1 to December 31, from the previous fiscal year ending September 30.