Robinsons Land embarks on doubling profits by 2019

MANILA, June 3 (PNA) — Gokongwei-led Robinsons Land Corp. (RLC) is expanding aggressively its mall, hotel, residential and office portfolio with the goal of doubling its profit over the next five years until 2019.

“We’re expanding our malls, office buildings, we’re building more hotels. We’re also building more residentials. All the core business we have, we are growing,” RLC president Frederick Go told reporters on the sidelines of the annual Economic Journalists Association of the Philippines-ING Bank forum on Wednesday.

RLC booked net profit of Php4.73 billion in the fiscal year ending September 2014.

Go said the company aims to open three to five malls every year, with the Robinsons Galleria Cebu the biggest mall it is constructing over the next five years. The Cebu mall is slated to open this year.

He said it also hopes to launch this year Westin-branded mixed-use hotel and residences.

RLC is partnering with Starwoods Hotels & Resorts Worldwide to develop The Westin Manila Sonata Place and The Residences at The Westin Manila Sonata Place in Ortigas.

“We’ve already signed with Westin/Starwood. We’re hoping to launch it this year. That’s a very big project. That will take the bulk of our residential launches this year,” he added.

Go said the company has earmarked Php17 billion for capital expenditures this year to boost its core businesses. (PNA)