RLC 9-month income jumps 12%

Robinson’s Land Corp. (RLC) booked 12 percent higher net income in the first nine months, to P7.31 billion from P6.56 billion last year as consolidated revenues surge 40 percent to P31.18 billion from P22.24 billion.

The Gokongwei-led property developer said the growth occurs as the company starts realizing revenues from its Chengdu Ban Bien Jie project in China.

RLC’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) and EBIT also rose 12 percent and 11 percent to P14 billion and P10.44 billion, respectively.

Rental revenues increased 14 percent, leading the investment portfolio which accounted for 47 percent of total revenues in the period. RLC’s development portfolio accounted for the balance, growing by 78 percent due to the China project and RLC’s domestic residential business.

The company noted the China project amounting P8.84 billion contributed to 28 percent of consolidated revenues in the period. The revenue was sourced from the phase 1 of residential high-rise apartments with a total of 795 condo units fully sold earlier this year.

“This validates the company’s commitment to deliver earnings growth across all business segments we participate in,” said RLC president and chief executive officer Frederick Go was quoted as saying in a disclosure to the stock exchange.

For the first nine months, RLC spent P18.69 billion in capital expenditures for its Philippine operations alone, which went to the development of malls, offices, hotels and warehouses facilities, land acquisition and residential project constructions, RLC said.

By segment, RLC’s total mall revenues grew 10 percent to P9.7 billion due to steady revenues from existing malls which rose 7 percent, as well as new malls opened last year.