Robinsons Land profit up by 4 percent

Net earnings of Gokongwei-owned Robinsons Land Corp. went up by 4 percent last year, boosted by the opening of new malls in the provinces. Net profits reached P3.27 billion, while revenues hit P10.73 billion, the company said in a statement on Wednesday. Excluding so-called extraordinary items, the realty firm's profits grew by a tenth. "Amidst the global financial crisis, Robinsons Land performed very well and above expectations," Robinsons Land President and Chief Operating Officer Frederick Go said. "[Our] various business units managed to outperform because of our deep understanding of the market, commitment to operational efficiency and a healthy balance sheet," he added. Based on its financial statement, the company's commercial centers accounted for P4.21 billion of total real estate revenues for the year, 14 percent higher than in 2008. It traced the growth to newly opened malls, specifically Robinsons Place Tacloban, Robinsons Cabanatuan, Robinsons Pulilan, and Robinsons Place Davao. Significant rental growth came from Robinsons Place Manila, Robinsons Place Iloilo, Robinsons Sta. Rosa Market and Robinsons Otis. Commercial centers remained one of the company's top growth drivers, contributing 39 percent of total revenues. Enterprise-wide average occupancy rate for its malls was steady at 93 percent. Meanwhile, the firm's office buildings, which cater to business process outsourcing companies, posted gross revenues of P1.1 billion, a quarter growth from a year earlier. Robinsons Land is the real-estate arm of JG Summit Holdings, Inc., (JGSHI), which has businesses in the food, textile, telecommunication, petrochemical, air transport and financial sectors. — GMANews.TV