Saturday, May 17, 2008 [ manilatimes.net ]
Robinsons Land Corp. (RLC)’s net income for the quarter ending March grew by over a fourth year on year as revenues from the company’s new projects kicked in.
Its unaudited financial statements filed before the Philippine Stock Exchange showed profits rose by 27 percent to around P776.5 million from P609.9 million in the same period in 2007.
RLC is the real-estate arm of JG Summit Holdings Inc. of the Gokongwei group, which also has interests in transportation, tele-communications, food, banking, manufacturing, petrochemicals, power generation, publishing and textiles.
For the first half of the year, RLC’s net income went up by about 20 percent to P1.5 billion, which boosted the company’s earnings per share by 21 percent to P0.53 per share.
The company posted higher revenues from its real estate business, which increased by half to P2.5 billion. RLC’s hotel operations also contributed to higher sales for the quarter, inching by 3 percent to P285.3 million.
RLC attributed the higher revenues mainly to initial recognition of realized revenues from four of its ongoing high-rise projects: Gateway Garden Ridge in Mandaluyong, Mc-kinley Park Residence in Fort Bonifacio, Otis 888 in Manila and Adriatico Place 3.
RLC’s chain of malls and hotels, although they showed growth at modest single-digit levels, buoyed profits further.
RLC operates the Galleria Mall in Ortigas, Metro East Mall in Pasig, Robinsons Manila and other pro-vincial malls.
Sales from the company’s housing and land development division, on the other hand, slightly dropped to P319.5 million
The company said it expects sales to improve for the rest of the year with the growing influx of tourists and business travelers and the infusion of new projects.
RLC’s shares closed higher yesterday at P11.5 from P11.0.--Euan Paulo C. Añonuevo
______________________________________________________________________
