By Richmond S. Mercurio (The
Philippine Star) | Updated January 13, 2015 - 12:00am
MANILA, Philippines - Robinsons Land
Corp. (RLC), the property arm of the Gokongwei family, saw its earnings rise in
its 2014 fiscal year on the back of stronger revenues from its commercial,
residential, office and hotel businesses.
In a disclosure to the Philippine
Stock Exchange, RLC said its net income for fiscal year 2014 ending September
improved 5.8 percent to P4.73 billion from P4.48 recorded during the same
period the previous year.
Gross revenues also grew seven percent
year-on-year from to P17.05 billion from P15.9 billion.
RLC’s commercial operations accounted
for the largest real estate revenue contribution at P8.10 billion, supported by
the newly opened malls such as Robinsons Malolos, Robinsons Butuan, Robinsons
Santiago, Robinsons Roxas and Robinsons Malabon.
Its residential business likewise
realized revenues of P5.87 billion due to higher level of buyers meeting the
equity requirement of 15 percent in recognizing sales based on percentage of
construction completion.
RLC said its office buildings division
also remained to be sturdy, as revenues grew seven percent to P1.54 billion
from P1.44 billion during the same period the prior year.
“This seven-percent increase in lease
income was due to new office buildings Cyberscape Alpha and Cyberscape Beta,
with occupancy rates of 46 percent and 68 percent as of Sept. 30, 2014,” the
real estate developer said.
The hotels division, a major
contributor to RLC’s recurring revenues, posted a 2.5-percent increase in gross
revenues to P1.53 billion due to the addition of Go Hotels Iloilo and Go Hotels
Ortigas Center which opened during the year.
RLC is one of the leading real estate
developers in the country based on revenues, number of properties and total
project size.
Aside from the company’s positive
earnings finish in 2014, RLC’s proposed P12-billion bond issue has also
received the highest mark from the Philippine Rating Services Corp.
(PhilRatings).
“The credit rating for Robinsons Land
Corp.’s proposed bond issue of P10 billion, with an oversubscription option of
up to P2 billion, is PRS Aaa,” PhilRatings said yesterday.
PRS Aaa is the highest rating assigned
by PhilRatings and obligations rated PRS Aaa are of the highest quality with
minimal credit risk while the obligor’s capacity to meet its financial
commitment on the obligation is extremely strong.
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