Lopez family’s Rockwell Land posts modest growth in first 6 months

Rockwell Land Corp. grew its six-month net income by five percent to P1.31 billion on higher revenues.

In a regulatory filing, Rockwell Land said revenues rose by 14 percent to P7.73 billion with residential development accounting for 69 percent of the total.

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Revenues from residential development amounted to P5.36 billion, largely driven by the sale of condominium units including accretion from interest income.

Commercial development revenues, on the other hand, reached P2.37 billion, more than double the P949 million registered in the same period last year, primarily due to recognition of sale of One Proscenium and improved performance of the retail segment.

The retail business contributed 31 percent to Rockwell’s total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig City.

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Revenues from retail operations jumped 88 percent to P868 million a result of improved average rental and occupancy rate. The segment includes retail leasing, interest income and other mall revenues.

Office operations, meanwhile, saw revenues grow by 18 percent to P1.41 billion. These include office leasing, sale of office units and other office revenues.

Hotel operations chipped in P96 million or one percent of the total revenues.

Rockwell spent a total of P3 billion for project and capital expenditures during the period, bulk of which went to the development of The Arton, Proscenium, Rockwell South and Balmori Suites.