[ Manila Bulletin Online ] August 16, 2008
By JAMES A. LOYOLA
Robinsons Land Corporation’s unaudited consolidated net income by the end of the first nine months of the fiscal year 2008 (October 2007 to June 2008) amounted to P2.12 billion, up 16 percent from the same period last year.
The firm said in a disclosure that this growth in net income came on the back of a 25 percent increase in revenues from P6.55 billion last year, to P8.16 billion this year.
The Residential Buildings Division accounted for 40 percent of total revenues. This division grew revenues by 56 percent to P3.28 billion, brought about by higher realized sales of condominium units in East of Galleria in Ortigas,Gateway Garden Ridge in Pioneer, Mandaluyong and Mckinley Residences in Fort Bonifacio, Otis 888 and Adriatico Place 3.
Net income before tax for this division rose by 20 percent to P936 million for the period.
The Office Buildings Division reported revenues of P704.2 million, a 29 percent growth year on year due rising revenue from the rental of our five office properties to call center and business process outsourcing operations. This division accounts for 9 percent of total revenues.
Today, RLC is one of the leading providers of Business Process outsourcing and call center space in the country and its office buildings enjoy an 82 percent occupancy rate. Net income before tax increased to P431 million, a growth of 32 percent over the same period last year.
RLC’s Commercial Centers division accounted for 34 percent of total revenues. It posted revenues of P2.77 billion for the period, up 7 percent from last year due to the strong rental growth of Robinsons Galleria, Robinsons Metro East and Robinsons Place Ermita in Manila.
