Robinsons Land income up 6% - BusinessWorld

ROBINSONS Land Corp. (RLC) said its earnings in 2019 had increased by 6%, driven by the steady performance of its rental businesses.


In a statement issued Monday, the Gokongwei-led property developer said its net income reached P8.69 billion last year, higher than the P8.22 billion it posted in 2018.

Consolidated revenues also increased by P1.02 billion to P30.58 billion in 2019.


It said the company’s investment portfolio had contributed 69% of its consolidated revenues or P21.14 billion, which increased by 15% or P2.78 billion. The growth was sustained by the stable performance of its various rental businesses.


The company added that 31% or P9.49 billion of the consolidated revenues was contributed by its development portfolio. The amount was down P1.76 billion down from 2018.


The malls division provided bulk of the listed firm’s revenues at P13.25 billion, 11% higher year-on-year.


The company attributed this to higher rental income and the opening of Robinsons Galleria South in San Pedro, Laguna and the expansion of Magnolia, which now has public eatery.


RLC now has a total of 52 malls covering a total leasable space of 1.57 million square meters (sq.m.).


For the office division, revenues went up by 24% to P5.32 billion, as its leasable space increased 13% to 592,000 sq.m. last year.

The company also attributed its growth in this segment to its newly completed buildings such as Robinsons Cybergate Magnolia in Magnolia Complex, Luisita 2 in Tarlac, and Giga Tower in Bridgetowne.


RLC’s hotels and resorts division grew 23% to P2.43 billion last year.
“Notable new additions to its portfolio are: Summit Greenhills, and its first foray into the international luxury-resort category, and Dusit Thani Mactan Cebu which brings its total to 3,129 room keys,” it said.


The residential segment grew its revenues by 5% to P9.13 billion.


It said its net pre-sales had increased by 31% to P20.06 billion, driven by the sale of the company’s existing inventory and its project launches last year.


As for its industrial and integrated developments division (IDD), it said the total warehouse revenues grew 2% to P138 million last year. The company’s IDD has a total leasable space of 77,000 sq.m.


It added that its commercial lot sales amounted to P321 million last year.


RLC said it spent P25.40 billion in capital expenditures last year, which went to the development of malls, offices, hotels, warehouse facilities, and the acquisition of land.


On Monday, shares in RLC rose by 2.11% to P21.75 each. — Arjay L. Balinbin, BusinessWorld

SOURCE: BUSINESSWORLD ONLINE

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