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Robinsons Land profit grows to P4.2 billion

Posted on January 15, 2013 10:26:52 PM[ BusinessWorld Online ]
PROPERTY DEVELOPER Robinsons Land Corp. grew its net income by nearly 7% annually in its fiscal year ending September 2012, driven by higher revenues from its commercial, office, and hotel units despite a slowdown in the residential segment, the Gokongwei-led company said in a regulatory filing yesterday.
The firm posted a net income of P4.24 billion, up 6.8% from P3.97 billion the previous fiscal year, according to its financial report.
This is slightly lower, however, than the 10.28% growth notched in 2011 coming from a P3.6-billion net income in 2010.
Total revenues in 2012, drawn from real estate and hotel operations, climbed 5.54% annually to P13.52 billion from P12.81 billion, while costs expanded by 13.33% to P7.14 billion from P6.30 billion.
Robinsons Land’s Commercial Centers Division, whose rentals accounted for bulk of the listed firm’s revenues, grew its own revenues by 11.63% to P6.43 billion from P5.76 billion.
“Significant rental increment was contributed by the new malls opened in fiscal year 2012,” Robinsons Land said, referring to Robinsons Place Pangasinan, Robinsons Place Palawan, and Robinsons Magnolia, which all opened last year.
Robinsons Land’s Office Buildings Division posted revenues of P1.40 billion, 5.26% from P1.33 billion, due to new office space made for lease at Robinsons Cybergate Tower 3 and completion of Cybergate Plaza, both in Mandaluyong City near Robinsons Forum-Pioneer.
The company’s newest segment, the Hotels Division, increased its revenues by 14.05% to P1.38 billion from P1.21 billion on higher occupancy rates at Crowne Plaza Manila Galleria and Holiday Inn Manila Galleria in Ortigas Center, higher hotel revenues at Summit Circle in Tagaytay City, and four new GoHotels.ph (Palawan, Negros Oriental, Negros Occidental, and Leyte) that opened last year. As of end-September, the Hotels Division had an average occupancy rate of 70%, Robinsons Land said.
The Residential Division, however, saw revenues dip by 4.66% to P4.30 billion from P4.51 billion due to lower project completion rates.
Robinsons Land’s residential brands are composed of Robinsons Luxuria, Robinsons Residences, Robinsons Communities, and Robinsons Homes.
For fiscal year 2013, Robinsons Land expects to spend P13 billion in capital expenditures, 36.84% higher than the P9.5 billion spent last year, to fund land banking and construction.
“These will be funded through cash from operations and borrowings.
Thirty-three percent is allocated for residential condos and housing units, while 67% will be spent for malls, office buildings and hotels,” Robinsons Land.
Robinsons Land was incorporated in 1980 as the property arm of listed conglomerate JG Summit Holdings, Inc. As of end-September, the company operated 32 shopping malls, 34 residential projects, eight office buildings, and nine hotels.
Robinsons Land and its subsidiaries are engaged in the business of selling, acquiring, constructing, developing, leasing and disposing of real properties such as land, buildings, shopping malls, commercial centers and housing projects, hotels and mixed-use property projects.
Shares of Robinsons Land rose by 55 centavos or 2.58% to P21.90 apiece yesterday from P21.35 last Monday. -- Franz Jonathan G. de la Fuente         
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