January 8, 2020 | 12:03 am [ bworldonline.com]
ROXAS and Co., Inc. (RCI) has sold its key real estate assets in Batangas worth P282 million in line with its efforts to improve its net income for the year and to reduce its debt.
In a disclosure on Tuesday, the listed company said that it sold its 6.67-hectare Natipuan property in Nasugbu, Batangas and a 12.9-hectare ecotourism property along Tagaytay-Nasugbu Highway to Sta. Lucia Land, Inc.
The company’s wholly owned subsidiary and property arm Roxaco Land Corp. also sold its 2.8-hectare commercial property located in the Nasugbu town proper for P98 million to the SM Group.
Sta. Lucia Land has a number of developments in Batangas, which include Catalina Lake Residences, Costa Verde, Greenmeadows, Nasacosta Peaks, Ponte Verde, Summit Point, and Bauan Grand Villas.
SM Group’s beach resort Hamilo Coast in Nasugbu, Batangas is targeted to be a place for master-planned communities anchored on sustainable beach resort living.
In December, RCI’s subsidiary Roxaco-Asia Hospitality Corp., the operator of the company’s five budget hotels under Go Hotel franchise, decided to sell and relocate its Cubao site to another location for about P411 million, which will be used to improve existing sites and lower the subsidiaries outstanding debts until a new site has been found.
RCI’s attributable net loss widened 19% to P337.706 million as of September 2019, despite revenues rising by 61% to P624.42 million.
Broken down, hotel revenues grew 18% to P340.225 million; real estate revenues increased 127% to P624.42 million; and sale of goods grew 344% to 109.391 million.
For the third quarter, attributable net loss narrowed by 19% to P86.061 million due to higher revenues by 89% to P208.552 million. Revenues from its hotel segment grew 7% to P113.914 million; real estate revenue surged to P57.679 million from P302,000; and the sale of goods increased 962% to P36.959 million.
Shares in RCI climbed 7 centavos or 3.17% to close at P2.28 each at the stock exchange on Tuesday. — Vincent Mariel Galang
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