ROBINSONS Land Corp. (RLC) said net income for the first quarter of its fiscal year ending December grew 13 percent to P1.15 billion with all its business segments posting higher earnings.  

In a filing to the Philippine Stock Exchange on Monday, RLC said revenues, half of which comes from shopping mall operations, rose 12.6 percent to P3.58 billion. Taking out interest earnings, RLC said real estate and hotel revenues increased by 12 percent to P3.36 billion while costs, led by real estate expenses, rose 12 percent to P2.12 billion.

RLC said its mall segment alone contributed P1.8 billion to gross revenues for a gain of 14 percent led by Robinsons Galleria, Ortigas and Robinsons Place, Manila. It also added that “almost all provincial malls also posted decent growth in rental revenues.”

The builder operates 29 shopping centers at the close of its 2011 fiscal year in September.

Its residential division accounted for P1.1 billion, up 11 percent, as additional revenues were recognized based on project completion.

The company’s office building segment, accounting for a tenth of revenues, increased 15 percent to P347.7 million. The hotels division contributed a similar amount, or P341 million, for a gain of 7 percent.

RLC operates Crowne Plaza Galleria Manila, Holiday Inn Galleria Manila, Summit Circle Cebu (formerly Cebu Midtown Hotel), Summit Ridge Hotel and gohotel.ph.  

RLC, a subsidiary of listed JG Summit Holdings Inc., declined 0.54 percent to P14.62 per share, giving the builder a market value of P59.93 billion on Monday’s close.