MANILA, Philippines - Robinsons Land Corp. reported a 20 percent growth in net income for its fiscal year Sept. 30, 2015 to P5.7 billion on the back of higher revenues.
Revenues went up 16 percent to P19.73 billion, mainly driven by the double-digit growth of all its business segments led by office buildings.
General and administrative expenses increased by 19 percent to P3.05 billion due to higher commission expense, salaries, advertising and promotions and rent expense, among others.
“Our balanced mix of investment and development components ensures RLC of stable recurring revenues. RLC’s investment portfolio comprised by its commercial centers, offices and hotel divisions, accounted for 66 percent of the total company’s revenues and 83 percent of the total EBITDA,” RLC said.
The office buildings segment posted the highest growth of 45 percent to P2.24 billion due to the opening of new office buildings Cyberscape Alpha and Cyberscape Beta.
Revenues from the commercial centers division grew 13 percent to P9.12 billion.
The hotels division registered P1.75 billion in revenues, up 14 percent year on year.
Meanwhile, the residential division recorded revenues of P6.62 billion or an increase of 13 percent due to higher level of buyers meeting the equity requirement.