SALES from high-end condominium projects and lease income from office buildings increased profits of Robinsons Land Corp. (RLC), the real-estate business of the Gokongwei-led conglomerate JG Summit Holdings Inc.

In a report to the Philippine Stock Exchange, the property developer said that earnings went up 12.2 percent to P679.6 million during October to December 2007, representing the first three months of the company’s fiscal year which ends in September. Profits during the same period a year earlier was P605.9 million.

Consolidated revenues also grew from P2.26 billion to P2.35 billion due to climbing real-estate sales. Nearly half of this figure—or 43 percent—was owed to the company’s high-rise buildings division, which posted P1.02 billion in revenues, compared to the previous year’s P937.6 million.

The growth was brought about by the initial recognition of realized revenues from two of its current projects, the Gateway Garden Ridge in Mandaluyong City and McKinley Park Residence in Fort Bonifacio.

Meanwhile, recurring lease income from its five office buildings—Galleria Corporate Center, Robinsons Equitable Tower, Robinsons Summit Center and Robinsons Cybergate Center Towers 1 and 2—reached P161 million, an increase of nearly a third from P126 million over the same period last year.

The company’s commercial centers division—which earns from rent collected from its shopping malls such as the Galleria Mall in Ortigas—contributed 39 percent or P924.1 million of the company’s gross revenues. The said mall, together with Metro East Mall in Pasig, Robinsons Dasmariñas in Cavite and Robinsons Lipa in Batangas, all posted decent growth in rental revenues.

Similarly, RLC’s hotel division also reported a 5 -percent revenue hike from P280 million last year to P295 million, thanks to the 9-percent revenue growth posted by Crowne Plaza Hotel.

RLC’s housing and land development division reported revenues amounting to P116 million, down 12 percent against last year.

HSBC Holdings Plc, Europe’s largest bank, plans to hire 20 percent more workers in the Philippines as the nation’s fastest economic growth in more than three decades fuels demand for financial services.

US film company now in RP

A U.S.-BASED film company announced it will soon establish its Philippine operations. Besides intending to take advantage of the country’s high-quality talent, the company—through its local unit—will also bring technical skills and proper strategies to the entertainment industry, which may provide alternative investment opportunities for local entrepreneurs.

SALES from high-end condominium projects and lease income from office buildings increased profits of Robinsons Land Corp. (RLC), the real-estate business of the Gokongwei-led conglomerate JG Summit Holdings Inc.

WEEKS after failing to get major BPO player PeopleSupport, Inc., listed IPVG Corp. said Tuesday it has acquired a controlling stake in MEGAMobile, Inc., a local mobile-technology provider and content developer.

THE Philippine Stock Exchange Index rose for the first time in four trading days, gaining 27.42, or 0.9 percent, to 3,190.67 as of the close in Manila. The following were among the most active stocks in the Philippine market Tuesday.

Section 21 of the Corporation Code of the Philippines provides that all persons who assume to act as a corporation knowing it to be without authority to do so shall be liable as general partners for all debts,