February 13, 2013

P1.19B profit Hit by Robinsons Land in October to December

Inquirer.net - Gokongwei-led Robinsons Land Corp. has grown its net profit by about 3%  to a total of P1.19 billion in October to December 2012 on higher earnings from its office property, residentail development business, and shopping malls.

Robinsons Land Corp. president said on Wednesday, that the figures during the three month period were supported by a 9.2% grownth in operating incomes before income tax during the year.

RLC’s revenue for the quarter rose by about 10 percent to P3.78 billion from year-ago level.

The company is now focused on developing its shopping malls and office leasing business and being cautious in developing its residential property business in the last 12 months. But RLc said recently that they are going to give priotrity to their residential development portfolio.

The company also secured its position in the country's fast-developing gaming-oriented property development in partnership with Japanese pachinko mogul Kazuo Okada.

The $1-billion Manila Bay Resorts, an integrated entertainment and resort venture between Okada and RLC, is set to open in 2014 in Manila’s future gaming strip Pagcor City. The 44-hectare entertainment complex to be developed by Tiger Resort Leisure & Entertainment Inc. in Pagcor City will have three hotels, a shopping mall with cinemas, a trade hall, luxury retail stores and restaurants.

The gaming facility is targeted to have 30,000 square meters in gaming space, 500 gaming tables and 3,000 slot machines. A Las Vegas-style dancing water fountain will be part of the attraction while several residential towers will also be developed. RLC is still undergoing a due diligence on the residential component of the project and could not provide details yet.