RLC net income up 39% in FY '06

Listed property firm Robinsons Land Corp. on Wednesday said its net profit for the fiscal year ending September 2006 rose 39.5 percent to P1.718 billion from the P1.231 billion recorded in 2005. Robinsons Land said its gross revenues also improved 29.7 percent to P6.643 billion. Robinsons Land president and chief operating officer Frederick D. Go said the good performance of the company's ventures in commercial centers, high-rise buildings, housing and land development and hotels was the reason for the healthy income in 2006. "All our business units performed very well as a result of the strategic initiatives we have pursued in recent years. Each business unit has expansion programs that will grow our investment property portfolio in malls, offices, and hotels as well as increase our real estate sales of condominiums, subdivision land and houses," Go said. The commercial centers division, which operates Robinsons Land's shopping malls contributed the largest share of revenue with P3.22 billion. As of end-2006, RLC had 18 shopping malls. Its office and residential buildings division posted a 90-percent growth in revenues at P2.03 billion. Go said their office buildings have attracted top BPO industry firms while its residential condominiums are selling very well due to strong domestic and international demand. "Robinsons Cybergate Center 2 is now operational and will contribute to the rental revenue generated by office spaces owned by RLC in Robinsons Cybergate 1, Robinsons Summit Center, Robinsons Equitable Tower, and Galleria Corporate Center. The Company's total office area portfolio in the Buildings Division alone now stands at 120,000 square meters," Go said. The housing and land development division, on the other hand, reported revenues of P488 million, a nine percent rise from a year earlier. Among the ongoing projects of Robinsons Homes are Bloomfields Tagaytay, Bloomfields Davao, Richmond Hills and Monte Del Sol both in Cagayan De Oro, Mirado Dos in San Fernando and Costa Verde in Davao City. Robinsons Land's hotels division revenue spiked 81 percent to P904 million, primarily due to the full operation of the deluxe 260 room Crowne Plaza Hotel within the Galleria Complex last year. As of September last year, RLC's hotels division had an average occupancy rate of 68 percent. Other hotels operated by the company are Holiday Inn Galleria Manila, Cebu Midtown Hotel; and Robinsons Apartelle. - GMANews.TV