Friday, March 06, 2009 [ manilatimes.net ]
THE Securities and Exchange Commission approved the merger of Robinsons Land Corp. (RLC) and its subsidiaries.
Folded into RLC are Robinsons Homes Inc., Trion Homes Development Corp. and Manila Midtown Hotels and Land Corp.
Total assets of the three subsidiaries and RLC reached P42.4 billion while its total liabilities stood at P18.6 billion.
Earlier, RLC said the merger would integrate administrative processes and eliminate duplication of functions, allow greater efficiency and better management of resources, and increase financial strength and creditworthiness.
RLC had disclosed earlier that its net income for the first quarter of its fiscal year was flat due to slowing growth in its hotels and interest income.
The property firm said its unaudited consolidated net income in the October to December period stood at P680 million, unchanged from the previous year.
RLC said revenues increased by 3 percent to P2.38 billion during the period from P2.32 billion a year ago, as rentals and sales rose 6 percent, tempered by the decline in revenue growth for hotels and interest income.
The hotels division posted revenues of P281 million, down 5 percent from the same period last year. It accounted for 12 percent of total revenues.
RLC said the global economic slowdown has pulled down occupancy rates in this segment, with Holiday Inn at 76 percent and Crowne Plaza at 70 percent.
The company’s commercial centers division accounted for 42 percent of total revenues at P1 billion, up 8 percent from last year due to rental contributions from its malls.
The residential buildings division accounted for 30 percent of total revenues. Revenues contracted by 12 percent to P703 million, from lower recognition of realized sales of condominium units.
The housing and land development division posted realized sales of P137 million for the period, a 19-percent growth on year.-- Johanna M. Sampan
