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GOKONGWEI-led Robinsons Land Corp. (RLC) will be
investing heavily in the next five years to put up 16
additional shopping malls in various parts of the
country.
At the
sidelines of its annual stockholders’ meeting late
Thursday, president and chief operating officer
Frederick Go said they are allotting a capital spending
of P12 billion, which will be supported by RLC’s
internally-generated funds.
Of the
16 malls, he said Robinsons Pulilan (Bulacan), Robinsons
Cabanatuan and Robinsons Otis would be developed this
year. Other malls in the pipeline are in the central and
southern Philippine cities of Dumaguete, Davao and Cebu.
RLC
operated 19 malls—six in Metro Manila and 13 in key
provinces—with a combined gross floor area of about
1.279 million square meters during the fiscal year that
ended last September.
“RLC
operates on the basis of its flexibility in developing
malls with different sizes depending on the retail
appetite of the market per location,” said Go.
The
shopping mall business, which falls under RLC’s
commercial centers division, contributed 39.3 percent of
the company’s total gross revenues of P8.9 billion in
last fiscal year.
Go said
they would embark on four high-rise projects and at
least six housing subdivisions this fiscal year. Two
office projects will also be launched this year and a
hotel project is being planned for construction in a
6-hectare lot in Tagaytay City in 2009.
RLC,
whose shares are traded at the stock exchange, reported
a net income of P679.6 million for the fiscal first
quarter that ended December 31, up 12.2 percent from
P605.9 million a year earlier.
Consolidated revenues also grew from P2.26 billion to
P2.35 billion in the same comparable period on the back
of higher real-estate sales. |
