ROCKWELL Land Corp. on Wednesday said its income grew 40 percent during the three months of the year ending March to P719 million from last year’s P514 million driven by the performance of its residential development and expansion of its commercial leasing business.
Consolidated revenues reached P3.5 billion for the period, 5 percent higher than the P3.3 billion last year.
The residential development generated P2.9 billion of its revenues, contributing 82 percent to the total from the good sales performance of Proscenium and 32 Sanson projects.
Earnings before interest, taxes, depreciation and amortization (Ebitda) from this segment grew by 26 percent to P702 million, from last year’s P557 million.
The commercial leasing business which includes retail and office operations reported revenues of P562 million for the period, 30 percent higher than the previous P431 million.
“This was mainly driven by higher occupancy of the Power Plant Mall expansion, Rockwell Business Center—Sheridan and Santolan Town Plaza,” the company said.
It said Ebitda from this segment amounted to P465 million, higher by 35 percent from last year. Revenues from hotel operations amounted to P64 million and contributed 2 percent to total revenues.
The company said it spent a total of P2.6 billion for project and capital expenditures for the first three months of the year. Bulk of the expenditures pertained to development costs, primarily for the Proscenium.
“In 2018, the residential segment launched the second tower of our Katipunan project, The Arton by Rockwell and Phase 1 of Aruga Resort and Residences—Mactan in Cebu. We witnessed strong reservation sales from these two major projects in 2019,” it said.
Last year, Rockwell also handed over the first two towers of Proscenium, Kirov and Sakura, which received strong positive feedback from unit buyers, it said.
“Pioneering the Rockwell horizontal community in Lipa, Batangas, we launched Terreno South catering to the middle market. Our commercial leasing segment remains robust as we ramp up the occupancy of the Power Plant Mall expansion, RBC Sheridan and Santolan Town Plaza,” it said.
The mall expansion added an additional 5,000 square meters in leasable area and houses flagship stores and other foreign brands, a new dining experience at The Grid Food Hall and the events hall, The Fifth at Rockwell in Makati.
Outside Rockwell Center, RBC Sheridan and Santolan Town Plaza added 47,000 sq.m. and 20,000 sq.m. in leasable area, respectively, it said.