SEVERAL PROPERTY companies reported mixed performances in the second quarter of 2018, with Rockwell Land Corp. posting strong real estate sales, while others saw a drop in revenues.
In a regulatory filing, Rockwell said it generated P628 million in net income attributable to the parent during the April to June period, 21% higher than what it posted in the same period a year ago. This followed a 28% increase in revenues to P4.72 billion.
On a six-month basis, the Lopez-led property company grew its attributable profit by a fifth to P1.25 billion, on the back of a 19% rise in revenues to P8.05 billion from the P6.76 billion it recorded in the same period a year ago.
Rockwell attributed the higher earnings to the 18% increase in sale of condominium units due to the completion rate of its properties Edades Suites, Proscenium, and Vantage. The company said it also benefited from the expansion of the Power Plant Mall and RBC Sheridan, prompting an increase in lease income.
The listed Rockwell spent P6.4 billion in capital expenditures during the first semester of the year, almost half the P14-15 billion it allocated for 2018.
In a separate filing, Sta. Lucia Land, Inc. (SLI) registered a 12% decline in net income to P242 million in the second quarter of the year, as revenues likewise dropped three percent to P1.05 billion.
For the first six months of the year, SLI’s net income increased by six percent to P508 million, driven by a 13% climb in revenues to P2.03 billion.
SLI noted an 18% increase in real estate sales for the first half, which it attributed to extensive marketing schemes and more lots and units offered for the period. The company also developed and procured more land during the first semester, while also entering more joint ventures.
At the same time, SLI’s rental income went down by 10% after seeing a change of tenant mix for the period.
Meanwhile, luxury property developer Anchor Land Holdings, Inc. (ALHI) reported a 45% decrease in net income attributable to equity holders of the parent in the second quarter to P127.43 million, versus the P174.15 million it delivered in the same period a year ago.
Revenues for the April to June period reached P1.3 billion, flat from the P1.32 billion it generated in the second quarter of 2017.
This brought ALHI’s attributable profit for the first half of the year to P231.04 million, 26% lower than the P312.7 million it generated in the same period a year ago. The company’s revenues meanwhile went up by two percent to P2.54 billion.
The company said the decline was due to fewer units sold since most of its properties have already been sold out, including Monarch Parksuites, Oxford Parksuites, and Princeview Parksuites. ALHI is launching several projects in the following years to lift its earnings in the future.
On Monday, shares in Rockwell closed flat at P2 each, SLI shares gained one centavo or 0.88% to P1.15 apiece, while shares in ALHI rose 4.33% or 58 centavos to P13.96 each. — Arra B. Francia