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RLC reports P680-M quarter income, 3% growth in revenues

[ Manila Bulletin Online ] February 17, 2009

By JAMES A. LOYOLA

Robinsons Land Corporation (RLC) reported an unaudited consolidated net income by the end of the first quarter of fiscal year 2009 (October 2008 to December 2008) of P680 million, flat from the same period last year.

The firm said in a disclosure to the Philippine Stock Exchange that revenues increased by 3 percent to P2.38 billion in the first quarter this fiscal year, from P2.32 billion last year.

RLC’s rental and sales, which were up 6 percent, was tempered by the decline in revenue growths for hotels and interest income. RLC showed a decline in net income before tax growth of 7 percent year on year to P896 million.

Even with controlled general and administrative expenses, real estate costs jumped 17 percent because of higher realized costs from our condominium units and higher construction costs.

"Our balanced mix of investment and development components ensures RLC of stable recurring revenue even during down cycles," RLC officials said.

For this quarter, investment and development properties contributed 65 percent and 35 perent to total revenues respectively. The higher margins from the investment properties resulted in a 76 percent – 24 percent NIBT split, with 76 percent from the investment component.

RLC’s Commercial Centers division accounted for 42 percent of total revenues. It posted revenues of P1 billion for the period, up 8 percent from last year due to the rental contributions of Robinsons Galleria, Robinsons Place Ermita in Manila and newly opened malls in Cabanatuan, Nueva Ecija and Pulilan, Bulacan.

Net income before tax from commercial centers was P452 million, up 10 percent against last year due on efficient management and improved tenant mix.

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