Losses from Yolanda, mall fire hit Robinsons profit
MANILA, Philippines – Gokongwei-led Robinsons Land Corporation announced a 13.2% decline in its first-quarter net income for the fiscal year 2014 to P1.032 billion from P1.189 billion in the previous fiscal year.
Robinsons Land said it booked P315.9 million in losses in October to December due to the effects of Typhoon Yolanda on its properties, as well as a fire that hit Robinsons Galleria late last year.
The losses offest higher revenues, which reached P4.38 billion during the 3-month period, up 17% from the previous year’s P3.73 billion. Real estate revenues increased by 19.3% to P3.98 billion, and hotel revenues went up 0.9% to P401.2 million.
During the period, company’s commercial centers division posted a 10.2% growth, bringing in P1.94 billion due to higher rental income from its shopping malls. The commercial centers division contributed 45% of total revenues.
Robinsons Land’s residential division contributed 38% – P1.67 billion – to total revenues of the company. The office buildings division contributed P361.8 million on its end, an increase of 0.9%.
As of December 2013, Robinsons Land had total assets of P76.8 billion, with total equity P50.4 billion.
Robinsons Land budgeted P16 billion for acquisition of land and construction of projects for fiscal year 2014. At least 20% of the captial spending is set aside for residences such as condominiums and housing units. The remaining 80% will be spent for malls, office buildings, and hotels.
The firm wishes to expand commercial center development for this fiscal year by building 7 new shopping malls, as well as expanding an existing mall.
Robinsons Land has 32 shopping malls. Its residential business has several projects in various stages of development that are scheduled to be finished within the next one to 5 years.
The firm is also scheduled to complete two new office buildings located in Ortigas to. It has completed 8 office buildings in Metro Manila and Cebu city as of September 2013. – Rappler.com