Robinsons Land profit grows 12% in 9 months

MANILA, Philippines - Robinsons Land Corp., the property development arm of the Gokongwei family, grew its net income by 12 percent in the nine months ending June 30 this year.

Net earnings rose to P4.4 billion as consolidated revenues climbed 12 percent to P14.6 billion.

“The growth was driven by both the strong performance of its investment portfolio or recurring revenue businesses as well as its residential segment,” RLC said.

RLC, which opened six new malls for it fiscal year ending September 2014, saw a 12 percent increase in the revenues of its commercial centers division to P6.8 billion.

 The six new malls are Robinsons Place Butuan, Robinsons Town Mall Malabon, Robinsons Place Malolos, Robinsons Place Roxas, Robinsons Place Santiago and Robinsons Place Antipolo.

Robinsons Place Las Piñas opened in the first quarter of the current fiscal year while Robinsons Novaliches opened its expanded space last May.

This November, RLC will be opening its flagship mall in Cebu, Robinsons Galleria Cebu and is currently constructing new malls in Jaro, General Trias and Tagum.

RLC also opened two new office buildings in Ortigas, the Cyberscape Alpha and Cyberscape Beta, both boosting the growth of the office buildings division.

 The office buildings division contributed 11 percent to total RLC revenues at P1.6 billion, increasing by 40 percent compared to same period last year.

The company is set to open the first office building for its mixed-use development in Quezon City.  The project, dubbed Bridgetowne, is slated for opening in fiscal year 2016.

Other office buildings in the pipeline are Bonifacio Summit Center in the Bonifacio Global City, Exxa Tower in Bridgetowne and Cyberscape Gamma in the Ortigas central business district.

 RLC’s hotel business, meanwhile, registered P1.3 billion in revenues, up 13 percent year on year due to the opening of new hotels such as Go Hotels Butuan and Summit Hotel Magnolia, as well as increased growth from existing Go Hotels branches.

 The residential division, meanwhile, generated 34 percent of RLC’s revenues with P5 billion. Among its ongoing projects include Escalades North in Quezon City, Woodsville Residences in Paranaque City, and Galleria Residences in Cebu.