MANILA, Philippines - Robinsons Land Corp.'s consolidated net income for 2009 rose 4%, owing mainly to robust mall operations.
In a statement, the Gokongwei-led property firm reported that its earnings last year hit P3.27 billion as revenues reached P10.73 billion. Excluding extraordinary items, it said income grew by 10%.
"Amidst a global financial crisis in the year 2009, RLC performed very well and above expectations," said the company's president and chief operating officer, Frederick Go.
Robinsons' shopping mall and office building divisions continued to post strong growth while its residential and hotel segments recorded declines due to the economic downturn.
The company's commercial center division accounted for P4.21 billion or 39% of total revenues, up 14% year-on-year. The growth was attributed to income from newly opened malls in Tacloban, Cabanatuan, Pulilan, and Davao; and higher rental income from existing malls.
The office building division, meanwhile, posted gross revenues of P1.1 billion, representing a 26% growth over the same period the previous year, due to new space provided by Robinsons Cybergate Towers 2 and 3. Operating profit of this group jumped 20% to P738 million.
Robinsons said its hotel and residential groups registered revenue declines of 8.7% and 20%, respectively.
Virgilio
Vallecera
2 comments:
The slowly inching of the economy back to normal levels can be attested by the sprouting of malls. This sure is a good sign that things are going well and that people are inclined to spend again. Cheers for this blog!
Cebu Urbano
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