Property developer Robinsons Land Corp. said Thursday net income in fiscal year 2015 ending September rose 20.4 percent to P5.7 billion from P4.73 billion a year ago, led by a double-digit revenue growth in business segments of office, residential, hotels and shopping malls.
Robinsons Land said in a financial statement filed with the stock exchange consolidated revenues increased 16 percent to P19.7 billion from P17.05 billion a year earlier, with recurring business accounting for 66 percent while residential portfolio accounting for the remaining 34 percent.
The company said to sustain the growth of the business, it budgeted P17 billion for 2016 capital expenditures covering land acquisition and constructions. The amount will be funded through cash from operations and borrowings.
It said 54 percent of the capex would be allocated for malls, office buildings and hotels; 25 percent for the residential division; and 21 percent for land acquisition.