Thursday, August 08, 2006
ROBINSONS Land Corp. (RLC), the property development arm of the Gokongwei’s JG Summit Holdings Inc., said net profit went up by a fifth for the third quarter of fiscal year 2006.
In a regulatory filing, the company said net income for the three quarters of fiscal year 2006 rose 20 percent to P1.23 billion from last year’s P1.025 billion.
RLC attributed the increase in profits to the rising revenue, which grew 27 percent to P4.832 billion from P3.79 billion in the same period last year.
The company’s four core business units contributed to the revenue, of which, the largest contributor remains to be the commercial centers division, accounting to 49 percent of the total gross revenues.
Revenues from commercial centers amounted to P2.352 billion boosted by increase in rental income of Robinsons Place Manila, Robinsons Place Pioneer and Robinsons Place Angeles and the redeveloped Robinsons Place Novaliches.
Its high rise buildings division, on the other hand, posted a 79 percent growth in revenues to P1.454 billion from P813.9 million last year.
Rental income from the company’s office buildings also recorded a positive net income of P234.44 million compared to P164.15 million over the same period last year.
The company’s housing and land development division, reported revenues amounting to P368.81 million from P329.71 million due to higher project completion of ongoing projects.
RLC’s earnings before interest, taxes, depreciation and amortization rose 22 percent to P2.673 billion from last year’s P2.190 billion.
The company’s hotel division and real estate revenue amounted to P657.86 million and P1.697 billion, respectively.
As of June, the company’s total assets stood at P32.391 billion while stockholders’ equity was at P14.023 billion. Cash dividends paid during the period amounted to P735 million.
--Darwin G. Amojelar
http://www.manilatimes.net/national/2006/aug/08/yehey/business/20060808bus9.html
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