‘Yolanda,’ fire losses dampen RLC profit


Robinsons Land Corp. (RLC) saw its profit for the October to December 2013 period decreasing by 13.2 percent to P1.032 billion from the effects of Super Typhoon Yolanda, and the fire that occurred in one of its shopping malls.

In its financial report for the three months ending December 31, 2013, the Gokongwei-led listed firm reported a 13.2-percent drop in its net income, earning P1.03 billion, because of the effects of Yolanda and fire losses amounting to P315.9 million.

Besides losses from Yolanda and the Galleria mall fire, a decrease in RLC’s interest income by P51.5 million brought further nonoperating losses to a high level at P323.1 million, which eventually resulted in a lower net income for the period.

Meanwhile, RLC posted a 15.4-percent and 14.1-percent growth in its earnings before interest and taxes, or EBIT, and earnings before interest, taxes, depreciation, and amortization, or Ebitda, at P1.7 billion and P2.3 billion, respectively.

Total real estate revenues of the company were also up by 19.3 percent to P3.9 billion against last year’s P3.4 billion, while its hotel revenues amounted to P401.2 million.

Specifically, the Commercial Centers Division contributed 45 percent, or P1.9 billion to the gross revenues of RLC, posting a 10.2-percent growth.

According to RLC, Metro Manila malls led by Robinsons Galleria and Robinsons Place Manila contributed to the growth, while most provincial malls also posted a decent increase in rental revenues. Amusement revenue went up by 2.5 percent to P277.1 million.

RLC’s Residential Division, meanwhile, contributed 38 percent, or P1.6 billion of the company’s total revenues, up by 38 percent from the P1.2 billion during the same period in 2012.

From the group’s Office Buildings Division, RLC saw a contribution of 8 percent, or P361.8 million to its revenues, up by 0.9 percent from last year’s P358.5 million.

Moreover, the Hotels Division contributed 9 percent, or P401.2 million to RLC’s revenues, up by 0.9 percent.

As of December 31, 2013, total assets of RLC stood at P76.8 billion, while total equity amounted to P50.4 billion.


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