Robinsons Land expects to rake in profits from new malls, office buildings

Gokongwei-led property developer Robinsons Land Corp. (RLC) expects a bottom line turnaround in the second half of fiscal year 2014, banking on a new stream of revenues from new malls and office buildings.

 

The company's fiscal first half performance was dented by losses as a result of Typhoon Yolanda and a fire that razed its mall in Ortigas Center.

 

"First of all, we're insured for these two events. We'll have insurance recovery from these two events," RLC president and COO Frederick Go told GMA News Online on the sidelines of the launching of new malls Monday.

 

"Plus, the new malls that we've opened and the revenues from the two office buildings will kick in this year," he said.

 

The mall developer opened Robinsons Place Roxas and Robinsons Place Santiago this month, Robinsons Town Mall Malabon and Robinsons Place Malolos last December, and Robinsons Place Butuan last November.

 

Go said RLC's two office buildings, Robinsons Cyber Alpha and Beta in Ortigas Center, will be completed this quarter.

 

"They're very much in demand, and they are made for BPO (business process outsourcing) companies," he said.

 

On Monday, RLC launched two new malls – Robinsons Place Las Piñas and Robinsons Place Antipolo – slated for completion in September. These will bring the total number of shopping centers to 39 malls nationwide.

 

"This fiscal year is a record breaking seven malls. This is the first time we're opening seven new malls. Normally, three or four lang kami," Go said, noting that they will hit 1 million square meters net leasable space with the two new malls. – VS, GMA News