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Robinsons Land’s REIT reports 10% profit rise to P1B on asset infusion

ROBINSONS Cyberscape Gamma, located in Ortigas central business district, is the Philippines’ first EDGE-certified REIT building. — BW FILE PHOTO

RL Commercial REIT, Inc. (RCR) registered a 10% increase in first-quarter net income to P1.09 billion from P989.69 million a year ago after the infusion of new properties, the company said on Tuesday.

In its financial statement, Robinsons Land, Inc.’s real estate investment trust reported an 11% increase in total revenues to P1.37 billion due to the infusion of Cybergate Bacolod and Cyberscape Gamma in Pasig.

Rental income accounted for the majority of revenues for the quarter as it increased by 12% to P1.19 billion from P1.06 billion previously, with the Bacolod and Pasig assets driving the growth.

Robinsons Cyberscape Gamma was added to RCR’s portfolio in April 2022 after an asset-for-share swap, while Robinsons’ Cybergate Bacolod was transferred in March 2022.

The company’s costs and expenses for the three-month period rose by 18% to P290.62 million from P246.34 million the prior year.

Its direct operating costs likewise grew by 23% to P190.59 million in the period ending March from P154.44 million in the same period last year, on the back of higher utilities along with costs associated with the newly infused assets.

Costs directly attributed to operations include management fees, repairs and maintenance, contracted services, utilities, amortization of right-of-use assets, and accretion of interest expense.

General expenses increased by 10% to P98.26 million from P89.54 million previously.

“These consist of rent expense for the land and building lease, taxes and licenses, insurance expense, advertising and promotions, and other general and administrative expenses,” it added.

At the local bourse, RCR shares fell by 0.17% or P0.01 to P5.89 per share on Tuesday. — A. H. Halili

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