GOKONGWEI-LED Robinsons Land Corp. yesterday saw its net income increase by a tenth for the first nine months of its fiscal year versus year-ago levels, on the back of improved revenues across all its business segments led by commercial and residential divisions, a filing with the Philippine Stock Exchange showed.
Robinsons Land hiked its net income for the nine months ending June by 9.84% to P3.35 billion from P3.05 billion in the same period last year, while total revenues, mostly from real estate, expanded by 9.89% to P10.56 billion versus P9.61 billion, year on year.
Revenues from the commercial centers division, which accounts for a 49% of total revenues, climbed by 12% to P5.2 billion, led by Metro Manila malls Robinsons Galleria and Robinsons Place Manila, in addition to the “decent” growth of its malls in the provinces.
The residential division, meanwhile, saw its revenues jump by 6% to P3.30 billion due to higher level of realized sales based on project completion, Robinsons Land said.
Robinsons Land’s office buildings division similarly enjoyed growth in the period, with its revenues adding up to P1.05 billion or up 8% from the same period last year. Lease income was derived from eight office buildings across the country.
Not to be outdone, the hotels division recorded a 12% uptick in its revenues to P1.02 billion this year over a year ago.
All the company’s hotel developments reportedly realized double-digit occupancy rates during the period.
The company’s total costs and expenses, on the other hand, went up by 10.05% to P6.35 billion from P5.77 billion last year.
For April to June alone, Robinsons Land booked a net income of P1.11 billion, 9.90% higher than last year’s P1.01 billion, while total revenues gained by 4.18% to P3.49 billion versus P3.35 billion, year on year.
Costs and expenses, however, were flat at P2.07 billion from P2.08 billion last year.
Robinsons Land, incorporated in 1980, is the property arm of listed conglomerate JG Summit Holdings, Inc.
It has built 29 malls, 33 residential projects, eight office buildings, and five hotels as of end-2011.
Robinsons Land shares gained by 0.21% to P18.96 yesterday from P18.92 at its previous close. -- Franz Jonathan G. de la Fuente
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