By VG Cabuag
Lopez-led Rockwell Land Corp. said it will continue its expansion outside of Metro Manila, despite the changes in consumer behavior caused by the Covid-19 pandemic.
Nestor Padilla, the company’s president and CEO, said the company is developing “safer” communities in Cebu and Iloilo. It is also exploring a possible joint venture expansion project in Pampanga.
“We will continue to make changes as necessary during these uncertain times. For now, as we stay true to our vision of providing beyond ordinary communities, the rest of our efforts will focus on the project completion of Proscenium, Vantage, Edades Suites and 32 Sanson’s Solihiya Tower,” Padilla said.
“Despite the inevitable business impact, we immediately had to adapt to evolving protocols. As we learned more about the virus, we also kept improving our safety measures and policies to keep our residential communities protected.”
Rockwell said the company is already preparing for the Christmas season, as they want to give their customers and residents not only a safe experience, but also an enjoyable one.
It said the company expects an increase in demand for horizontal living spaces with wide open areas. As such it is transitioning developments in Bacolod to offer more lots.
“We will continue to build beyond ordinary communities. The shift in market behavior because of the crisis has led to make changes in our plans to deliver more exciting developments. This includes a new 30-hectare self-contained inner city mixed-used development in Bacolod set to launch in 2021,” Valerie Soliven, the company’s chief revenue officer, said.
Rockwell said its consolidated net income in the first half fell 44 percent to P702 million from last year’s P1.26 billion.
Revenues for the period were down 40 percent to P4.14 billion from last year’s P6.93 billion, due to the imposed quarantine in Metro Manila and key cities in the Philippines where the company operates.
Residential development accounted for 80 percent of the total revenues in 2020, slightly lower than last year’s 81 percent.
The company said the first half of 2019 figures were restated to reflect the impact of PFRS 15 mainly on cost of sales and interest expense and PFRS 16 on rent expense, depreciation and interest expense in order for the 2020 figures to be comparable.
For the second quarter alone, Rockwell had a P32-million loss as against the previous year’s P538 million in income.
Revenues for the period, meanwhile, managed to reach P924 million, down by 73 percent from last year’s P3.44 billion, but mostly as a result of its interest income as other revenue streams were depressed.
Residential development for the first half generated P3.31 billion, contributing 80 percent of the total revenues for the period. Bulk of the revenues came from the sale of condominium units, including accretion from interest income.
Nestor Padilla, the company’s president and CEO, said the company is developing “safer” communities in Cebu and Iloilo. It is also exploring a possible joint venture expansion project in Pampanga.
“We will continue to make changes as necessary during these uncertain times. For now, as we stay true to our vision of providing beyond ordinary communities, the rest of our efforts will focus on the project completion of Proscenium, Vantage, Edades Suites and 32 Sanson’s Solihiya Tower,” Padilla said.
“Despite the inevitable business impact, we immediately had to adapt to evolving protocols. As we learned more about the virus, we also kept improving our safety measures and policies to keep our residential communities protected.”
Rockwell said the company is already preparing for the Christmas season, as they want to give their customers and residents not only a safe experience, but also an enjoyable one.
It said the company expects an increase in demand for horizontal living spaces with wide open areas. As such it is transitioning developments in Bacolod to offer more lots.
“We will continue to build beyond ordinary communities. The shift in market behavior because of the crisis has led to make changes in our plans to deliver more exciting developments. This includes a new 30-hectare self-contained inner city mixed-used development in Bacolod set to launch in 2021,” Valerie Soliven, the company’s chief revenue officer, said.
Rockwell said its consolidated net income in the first half fell 44 percent to P702 million from last year’s P1.26 billion.
Revenues for the period were down 40 percent to P4.14 billion from last year’s P6.93 billion, due to the imposed quarantine in Metro Manila and key cities in the Philippines where the company operates.
Residential development accounted for 80 percent of the total revenues in 2020, slightly lower than last year’s 81 percent.
The company said the first half of 2019 figures were restated to reflect the impact of PFRS 15 mainly on cost of sales and interest expense and PFRS 16 on rent expense, depreciation and interest expense in order for the 2020 figures to be comparable.
For the second quarter alone, Rockwell had a P32-million loss as against the previous year’s P538 million in income.
Revenues for the period, meanwhile, managed to reach P924 million, down by 73 percent from last year’s P3.44 billion, but mostly as a result of its interest income as other revenue streams were depressed.
Residential development for the first half generated P3.31 billion, contributing 80 percent of the total revenues for the period. Bulk of the revenues came from the sale of condominium units, including accretion from interest income.
Source: https://businessmirror.com.ph/2020/08/31/rockwell-land-to-continue-expansion-in-cebu-iloilo/
