Robinsons Land Corp (RLC) bucked a first-half slowdown, with earnings rising at a slightly faster clip in its 2014 fiscal year despite slower revenue growth.
In a disclosure to the Philippine Stock Exchange, the Gokongwei-owned real estate developer said net income rose 5.8 percent to P4.73 billion in its fiscal year ending September 2014, faster than the 5 percent growth to P4.48 billion in the previous year.
RLC's full-year 2014 performance marks a turnaround from lower earnings in the first half of the same fiscal year due to losses related to Typhoon 'Yolanda' and the fire at Robinsons Galleria mall.
Total gross revenues increased 7 percent to P17.05 billion, slower than the 18 percent expansion to P15.90 billion in 2013.
The commercial centers division accounted for P8.10 billion of real estate revenues, nearly a tenth higher compared to the P7.39 billion in 2013. RLC said Robinsons Magnolia, Robinsons Palawan and Robinsons Iloilo led the growth while most provincial malls also posted decent growth in rental revenues. The five newly opened malls also contributed to the increase in revenues.
Revenues of the residential division advanced 5 percent to P5.87 billion from P5.58 billion in 2013 as more buyers met the equity requirement of 15 percent in recognizing sales based on percentage of construction completion.
The office buildings division posted a 7 percent rise in revenues to P1.54 billion from P1.44 billion the previous year due to the addition of Cyberscape Alpha and Cyberscape Beta, with occupancy rates of 46 percent and 68 percent, respectively, at end-September 2014.
Revenues of the hotels division were flat at P1.53 billion as against the P1.50 billion in 2013. The increase was attributed to new Go Hotels in Iloilo and Ortigas that opened during the year.
RLC is pouring P15-17 billion in the fiscal year ending September 2015, higher than the P14.1-billion spending last year. The company plans to sell P12 billion worth of fixed rate bonds to bankroll capital expenditures and settle obligations.
RLC is part of JG Summit Holdings Inc, the Gokongwei family’s holding firm for its businesses in food and beverage, real estate development, air transportation, petrochemicals and banking. The conglomerate also has investments in Manila Electric Co and Philippine Long Distance Telephone Co.
- Interaksyon
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