ROCKWELL Land Corp. saw its earnings jump by a fifth last year, driven by higher leasing income from the Power Plant Mall’s expansion and sustained reservation sales for its residential projects.

The Lopez-led property developer reported its attributable net income rose 21% to P2.55 billion last year from P2.14 billion in 2017.

Consolidated revenues ended the year at P15.68 billion, up 9.7% from P14.30 billion in the previous year.

The residential development segment contributed 86% of Rockwell Land’s revenues. Residential sales increased by 7% to P13.4 billion last year was “largely influenced by higher construction accomplishment for Edades Suites and Rockwell Primaries’ The Vantage as well as higher bookings of 32 Sanson, Grove and Vantage.”

Reservation sales grew by 30% to P14.9 billion, thanks to Proscenium, Arton and Aruga Resort & Residences — Mactan, which was launched in 2018.

Rockwell Land’s commercial development segment saw revenues surge 40% to P2 billion last year.

“Leasing Income, which accounts for bulk of the segment revenues, grew from P1 billion to P1.5 billion due mainly from the mall expansion and RBC (Rockwell Business Center) Sheridan,” the company said.

Retail operations generated P1.2 billion in revenues, 26% higher than in 2017 as the Power Plant Mall in Makati City added 5,600 square meters of leasable space. Cinema operations posted P277.7 million in revenues as the company opened six new cinemas at the mall.

For the office leasing segment, Rockwell Land said revenues more than doubled to P451 million due to a higher demand for occupancy in RBC Sheridan and 8 Rockwell. The Rockwell-Meralco BPO venture likewise added P701.4 million, up 2% year on year.

Hotel operations fell 9.3% to P283.5 million, after Aruga at the Grove was shuttered in September 2017. Rockwell Land is building Aruga Hotels Makati, which is expected to open by 2020. The Aruga Resort Mactan, located in Punta Engano, Lapu-Lapu City in Cebu, is currently in the planning stages.

“The Company spent a total of P12.7 billion gross of VAT for project and capital expenditures in 2018. Bulk of the expenditures pertained to development costs of Proscenium, Aruga Hotel in Makati, Aruga Resort and Residences — Mactan and final payments for new retail and office projects in 2018,” Rockwell Land said.

Rockwell Land is a subsidiary of First Philippine Holdings Corp., which owns a 86.58% stake as of end-December 2018. — Denise A. Valdez