EARNINGS of Rockwell Land Corp. jumped by 40% in the April to June period, driven by the strong sales of condominium units and higher revenues from its commercial segment.
In a regulatory filing, the listed developer of high-end residential projects posted an attributable net income of P519.5 million, higher than the P363.8 million it booked in the same period last year.
Revenues were up by 60% from year-ago levels to P3.69 billion, fueled by the brisk take-up of condominium units which saw an 85% improvement for the quarter.
Sale of condominium units soared 85% to P2.85 billion during the second quarter, from P1.53 billion a year ago.
The Lopez-led firm’s first half attributable profit stood at P1.04 billion, 47% higher than the P705 million it generated in the same period last year. This was driven by a 55% increase in revenues to P6.75 billion, as condominium unit sales surged 77% to P5.08 billion.
Rockwell Land’s residential component accounted bulk of revenues at 87% or P5.89 billion, followed by commercial properties which contributed P679 million.
Out of the P14 billion that Rockwell Land allocated for capital expenditures in 2017, P5.43 billion has already been spent primarily for the cost of The Proscenium, the first phase of which the company targets to complete and turn over by 2018.
The company noted capex spending for the first semester was slower by 10% year on year, where P6.02 million had been disbursed in the same period.
Capital spending for the year has been allotted to allow Rockwell Land to ramp up its leasable portfolio. The company plans to end the year with a total gross leasable area of 220,000 square meters, with the completion of Santolan Town Plaza in San Juan, Rockwell Business Center-Sheridan in Mandaluyong City, and the expansion of the PowerPlant Mall in Makati City.
Last July, the company launched its first high-end development in the Katipunan area in Quezon City called The Arton. The P9-billion project is being developed in partnership with Japanese firm Mitsui Fudosan Co. Ltd.
Also in the pipeline for Rockwell Land’s projects is the Aruga Hotel, a 200-unit serviced residences property in Rockwell Center. The company expects to complete the project by mid 2019.
The company’s first venture into resort developments in Mactan, Cebu will be launched in 2018.
Shares in Rockwell Land were unchanged on Wednesday at P1.79 apiece at the stock exchange. — Arra B. Francia
