Robinsons Land reports 22% hike in income to P953M

Robinsons Land Corp. (RLC), the property unit of Gokongweis’ investment holding company JG Summit Holdings Inc., posted a net income of P952.9 million in the first nine months of its fiscal year ending September 2005, up by 22 percent from the previous level’s P781 million.

RLC registered revenues of P3.84 billion or an increase of 13 percent from only P3.4 billion. Income from operations rose to P1.36 billion while EBITDA (earning before interest, taxes, depreciation and amortization) jumped 23 percent to P2.24 billion.

The commercial centers divisions remained the largest revenue driver, accounting for 60 percent of total revenues. Rental revenues from commercial centers grew 11 percent to P2.29 billion from P2.07 billion due to improved rental of space in Robinsons Galleria and Robinsons Place Manila and the increase in revenue contributions of new malls.

RLC’s high-rise buildings division registered a 19-percent growth in revenues to P825.4 million from P690.7 million, mainly due to the recognition of realized revenues from Bloomfields, a residential subdivision development in Novaliches, Quezon City.

Lease income from three of its office buildings, also went up nine percent to P164.1 million from P150.3 million.

Gross revenues of the hotel division, on the other hand, fell to P354.6 million from P360 million. The company’s two hotels and apartelle continue to register satisfactory occupancy rates.

Its housing and land development division, through subsidiaries Robinsons Homes Inc. and Trion Homes Development Corp., realized revenues of P367 million, 29 percent higher than last year’s P283.4 million. The growth was attributed to higher units sold and project completion.

RLC intends to maintain its higher-than-industry hotel occupancy rates by strengthening its marketing organization to focus on corporate and leisure travellers, as well as to bolster the domestic market with its airline affiliate Cebu Pacific Air.

The firm’s shopping malls are generally anchored by sister scompanies Big R Supercenter, Robinsons Department Store, Robinsons Supermarket and/or Handyman. They enjoy high occupancy rates, currently averaging at 94 percent.

RLC’s objective is to further strengthen its position as the most solid and reputable real estate developer in the country.

It intends to steadily expand its shopping mall business by building three to four new shopping malls a year. It also plans to develop leaner commercial centers in provincial citites with a smaller average gross floor area of 25,000 square meters each.