Robinsons Land earns P2.24 B in end-March

MANILA, Philippines - Gokongwei-led Robinsons Land Corp. (RLC) posted a net income of P2.24 billion in the first half of its fiscal year ending September this year, up 10 percent from P2.04 billion in the previous period, on steady growth in sales.

In a financial report submitted to the Philippine Stock Exchange, the property developer said unaudited revenues from October 2011 to March 2012 grew 13.6 percent to P7.11 billion while EBITDA (earnings before interest, taxes depreciation and amortization) rose seven percent to P3.93 billion.

Combined real estate and hotel revenues rose by 12 percent to P6.68 billion from P5.94 billion.

Interest income grew 37 percent due to higher level of money market placements.

Costs and expenses, however, climbed to P4.28 billion from P3.68 billion due to higher level of repairs and maintenance for various malls, higher film rentals, and higher cost of sales from residential division, among others.

The commercial centers division contributed 49 percent or P3.5 billion to total revenues, posting a 15-percent growth.

Amusement revenue went up 21 percent to P396 million.

RLC’s residential division accounted for 32 percent of total revenues or P2.26 billion, up 15 percent year-on-year due to higher level of realized sales based on project completion.

Meanwhile, the office buildings division pumped in 10 percent or P698.8 million, an increase of nine percent.

Lease income is derived from eight office buildings – Galleria Corporate Center, Robinsons Equitable Tower, Robinsons Summit Center, Robinsons Cybergate Centers Towers 1, 2 and 3, Cybergate Plaza and Cebu Cybergate.

Revenues from the hotels division reached P679.9 million, an increase of nine percent. Crowne Plaza Galleria Manila, Holiday Inn Galleria Manila, Summit Circle Cebu (formerly Cebu Midtown Hotel), Summit Ridge Hotel, Go Hotel Cybergate, and Go Hotel Palawan posted occupancy rates of 83 percent, 81 percent, 48 percent, 40 percent, 90 percent and 37 percent, respectively.

As of end-March, RLC’s total asset base stood at P72.4 billion.