Robinsons Land H1 net up 13% at P4.3B

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Robinsons Land Corp. (RLC), the property vehicle of the Gokongweis, saw a 13-percent increase in net income at P4.3 billion in the first half of 2015 from P3.8 billion a year earlier.

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Operating revenues grew by 11 percent at P14.5 billion from P13 billion in the same comparable period.

Real estate revenues rose by 11.5 percent to P13.27 billion from P11.9 billion, while the sales from hotel operations amounted to P1.3 billion.

Commercial centers account for 46 percent or P6.7 billion of the total sales, while the residential business contribute 34 percent or P4.9 billion, office buildings account for 11 percent or P1.55 billion, and hotels for 9 percent or P1.3 billion.

Earlier, RLC President and Chief Executive Officer Frederick Go said the firm aims to double its P4.73-billion 2014 net income to about P9.46 billion in the next five years on the back of expansions across all its businesses.

This year, the company has budgeted P17 billion to P19 billion in capital expenditures to ramp up its commercial mall and office building developments.

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