Lopez Group’s property arm sustains solid run; earnings up 17% in nine months

Rockwell Land of the Lopez family saw its nine-month net income rise 17 percent to P2.19 billion, driven by strong revenues across its business segments.

Revenues jumped 39 percent to P12.47 billion. Residential development accounted for 72 percent of the total at P8.98 billion, bulk of which came from the sale of condominium units, including accretion from interest income.

Commercial development, which contributed 28 percent of total revenues, soared 139 percent to P3.5 billion due to recognition of sale of One Proscenium and significant improvement in retail segment performance.

Retail operations, which includes retail leasing, interest income and other mall revenues, also performed better during the period due to improved average rental and occupancy rate.

Rockwell spent a total of P4.9 billion for project and capital expenditures for the nine months, funded mainly by internally generated cash.

Bulk of the expenditures comprised development costs of The Arton, Proscenium, Rockwell South and Balmori Suites.