New malls boost Robinsons Land's 2009 earnings

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.

Compare Plymouth to Top 10 Best Places

Topnotch schools, good jobs, affordable housing, low crime, an active outdoor culture - yep, they're pretty much all here. Plymouth could have become just another Twin Cities suburb, but more than 50,000 jobs keep residents working there.

Home prices are within reason: The typical three-bedroom, two-bath house goes for $350,000. The city's main school district is ranked among the top three in the state, and for culture, Plymouth's open-air amphitheater, the Hilde Performance Center, hosts numerous summer concerts. Residents are a quick drive from the Mall of America, the nation's biggest mall.

And did we mention the outdoors? Plymouth boasts more than half a dozen sizable bodies of water. Of course, this being Minnesota, winter can be brutal: January's average low temperature is about 13°F. But when the mercury plummets, the locals get busy. In February the city hosts a Fire & Ice Festival that includes mini-golf, bowling and basketball - all right on the ice.

source : http://money.cnn.com/magazines/moneymag/bplive/2008/snapshots/PL2751730.html

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