RLC nets P283 M in Q1

Robinsons Land Corp., the property development arm of the Gokongwei group, stepped up on its operations in the first quarter of its fiscal year, earning 39.6 percent more than the same period a year ago.

Based on figures submitted to the Securities and Exchange Commission, RLC made a net profit of P282.89 million in the October-December 2000 period, the first quarter of its fiscal year ending September.

For its full fiscal year ending September 2000, RLC earned P674.4 million or 17.1 percent more than the P576.1 million profit in the previous fiscal period.

RLC said for the first three-month period of its current fiscal year, gross revenues had increased by 27 percent from P706 million to P895 million. The biggest contributor to revenues remains the commercial centers division, as strong and stready sales and rental revenues were achieved primarily through the swift take-up rate of leasable spaces at two newly opened malls – the Robinsons Town Mall in Los Baños, Laguna and the redeveloped Robinsons Place Cebu.

The rest of its malls also provided consistent rental revenues: Ortigas, Manila, Bacolod, Imus, Mandaluyong and Pasig. RLC will further expand its mall chain with four additional shopping centers in Novaliches, Pasig, Ilo-ilo and San Fernando, Pampanga.

Aside from the mall projects, RLC is developing four high-rise buildings in major central districts; a new hotel in Ortigas Center and four residential subdivisions across the country (Antipolo, Dasmariñas, Cavite, Gen. Trias, Cavite and Davao City).

As of Dec. 31, 2000, the company’s total assets stood at P15.83 billion, with stockholders’ equity at P10.16 billion. – Conrado Diaz Jr.