Robinsons Land Corp., the property development arm of retail and airline tycoon John Gokongwei, said net income in the first quarter of fiscal year 2015, covering the months of October to December, surged 35.4 percent to P1.39 billion from a year ago, on strong rental income of shopping malls and office developments.
Robinsons Land said in a financial statement with the Philippine Stock Exchange consolidated revenues in the October-December period rose 9.1 percent to P4.78 billion from P4.38 billion posted in the same period in 2013.
Rental income grew 13.6 percent to P2.21 billion from P1.94 billion a year earlier, led by strong revenues from shopping malls division, which added seven malls in 2014.
Hotel operations rose 11.4 percent to P446 million from the previous year’s level of P401.2 million as Crowne Plaza Galleria Manila, Holiday Inn Galleria Manila, Summit Circle Cebu (formerly Cebu Midtown Hotel) and Summit Ridge Hotel posted occupancy rates of 47 percent to 82 percent.
The Go Hotels group also posted an average occupancy rate of 72 percent.
Real estate sales were flat at P1.6 billion as the company said it focused on growing recurring assets, including hotels and office buildings while continuously offering residential developments.