051607: Robinsons Land profit surges 46% in first half

May 16, 2007
Updated 11:02:14 (Mla time)

Xinhua Financial News Service

MANILA, Philippines -- Robinsons Land Corp., the real estate arm of JG Summit Holdings Inc., posted a net profit of P1.2 billion for its first half ended March, 46 percent more than a year earlier on higher sales in all its business segments.

Robinsons Land said its first-half revenue had risen 19 percent year-on-year to P3.9 billion.

Its net profit for the financial second quarter ended March was P609.9 million and its revenue P1.9 billion. The company did not give a complete set of second-quarter results.

Robinsons Land's first-half rental revenue in its commercial centers went up by six percent to P1.63 billion because of increased rents for space in its shopping malls.

Revenue from high-rise buildings grew 36 percent to P1.52 billion as occupancy and rents increased.

Its hotel division's revenue went up 26 percent to P556.0 million and its housing and land development unit's revenue rose 53 percent to P279 million.

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