Property firms post mixed second-quarter results

Property companies reported mixed performances in the second quarter of 2018, depending on the real estate sales and rental income each firm posted for the period.
In a regulatory filing, Rockwell Land Corp. 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.
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.
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.