Robinsons Land Q1 profit up 35.4%


PROPERTY firm Robinsons Land Corp. (RLC) said its net income for its fiscal first quarter ending December 2014 grew 35.4 percent on strong growth across its residential, office buildings and hotels businesses.

RLC booked P1.39 billion net profit for the October to December period last year, 35.4 percent higher than P1.03 billion recorded in the same quarter in 2013.

Revenue grew 9.3 percent to P4.79 billion from P4.38 billion a year earlier. Of the total sales, P4.34 billion came from its property business including commercial centers, residential and office portfolios, while P446 million came from hotel earnings.

Commercial mall sales accounted for 46 percent of revenue, residential sales contributed 35 percent, office buildings added 10 percent, and hotels accounted for 9 percent.

The company is allotting P17 billion for its capital expenditures (capex) this year, which is higher than P16 billion actual spending in 2014.

Most of the capex will be sourced from RLC’s P12-billion note issuances.

RLC’s portfolio includes Robinsons malls for commercial centers; Robinsons Land developments for residential; Galleria Corporate Center and Cybergate Centers for office buildings; and Crowne Plaza Galleria Manila, Holiday Inn Galleria Manila and Go Hotels Group for hotels.

Incorporated in 1980, RLC is the real estate investment arm of the Gokongwei family’s holding firm, JG Summit Holdings Inc.

RLC’s subsidiaries include: Robinsons Inn Inc., Robinsons Realty and Management Corp., Robinsons (Cayman) Limited, Robinsons Properties Marketing and Management Corporation and Altus San Nicolas Corp., Altus Angeles Inc. and GoHotels Davao Inc.


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