Image via WikipediaMANILA, Philippines – The Gokongweis’ Robinsons Land Corp. posted a four-percent year-on-year profit growth in fiscal year 2009 that ended September, on higher revenue from its shopping mall and office property portfolio.Net profit hit P3.27 billion on the back of a P10.73-billion revenue. Excluding extraordinary items, RLC’s core net income grew by 10 percent, the firm said in a statement.
“RLC’s various business units managed to perform well because of our deep understanding of the market, commitment to operational efficiencies and a healthy balance sheet,” said Frederick Go, RLC president and chief operating officer.
The commercial centers division accounted for P4.21 billion or 39 percent of the real estate revenue for the year, up 14 percent from year-ago level.
Enterprise-wide average occupancy rate for the malls was steady at 93 percent.
From October to December last year, RLC opened four new malls: Robinsons Place General Santos, Robinsons Place Dumaguete, Robinsons Ilocos Norte and Robinsons Cybergate Cebu.
RLC is the second largest shopping mall developer in the country with 29 malls nationwide. The office buildings division, a leading provider of space to BPOs, reported gross revenue of P1.1 billion, or 26 percent higher than year-ago level. Accounting for 10 percent of total revenue, the office division’s operating profit grew by 20 percent to P738 million. It enjoys a stable recurring lease from its six office buildings: Robinsons Cybergate Towers 1, 2, 3, Robinsons Summit Center, Robinsons Equitable Tower, and Galleria Corporate Center.
RLC’s hotels division posted P1.04 billion in revenue, down from last year’s P1.14 billion due to the global travel slowdown. Its net income before tax reached P130.49 million.
Doris C. Dumlao
January 14, 2010
http://www.robinsonsoffices.com/news.html
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