Robinsons Land Corp., (RLC) said it looks to raise P15 billion through a bond issuance.
The company said its board of directors approved the issuance of a fixed rate peso-denominated bonds with an initial offer of P10 billion, and an over-subscription of P5 billion “subject to the requirements of the Securities and Exchange Commission and the rating process of the Philippine Rating Services Corp.”
The announcement follows the company’s release of its 2019 financial result where reported profit of P8.69 billion, up 6 percent from P8.22 billion in 2018.
Revenues reached P30.58 billion, up 3.4 percent from P29.56 billion in the prior year.
The company said the growth was “mainly driven by booming recurring rental businesses.”
“Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) and EBIT for CY2019 locked in 5 percent and 3 percent year-on-year growths to P17.25 billion and P12.28 billion, respectively,” the company said.
RLC said its investment portfolio contributed 69 percent of revenues or P21.14 billion, up 15 percent, sustained by “solid momentum across various rental businesses.”
“RLC’s development portfolio took up 31 percent of total consolidated revenues or P9.45 billion, a decrease of P1.76 billion from the previous year,” it said.
