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Robinsons Land posts 29% profit growth

Vol. XXII, No. 123 [ BusinessWorld Online ]

Friday, January 23, 2009 | MANILA, PHILIPPINES

CONSOLIDATED PROFITS of Gokongwei-owned Robinsons Land Corp. went up by more than a quarter last year as a result of strong sales.

The property company’s net income increase by 29% to P3.15 billion from a year earlier, it said in a statement. Revenues, meanwhile, went up by a quarter to P11.18 billion.

"Strong rental and were tempered by flat revenue growth for hotels... Our balanced mix of investment and development components ensures Robinsons of stable recurring revenue even during property down cycles," it said.

For 2008, investment and development properties contributed 51% and 49% to total revenues, respectively.

The residential building division accounted for close to half of total revenues, while its commercial centers accounted for a third. Residential building revenues went up by 69% to P4.76 billion, brought about by higher sales of condominium units in East of Galleria in Ortigas, Pasig; Gateway Garden Ridge and Gateway Garden Heights in Mandaluyong; and Otis 888 Residendes in Manila.

Meanwhile, commercial centers posted revenues of P3.7 billion, up by 4% from a year earlier due to rental contributions of Robinsons Galleria, Robinsons Metro East and Robinsons Place Ermita.

The company’s office and hotel divisions each contributed only less than a tenth to revenues. Office buildings posted revenues of P883 million, 24% higher than a year earlier due to rising sales from the rental of six office properties to call center operators.

Revenues from hotels went up by 3% to P1.14 billion. Excluding closed hotels, revenues from this division went up by 8%, the company said. — KJRL


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