Rockwell income soars 40% to P719M in Q1
LISTED Rockwell Land Corp.’s net profit rose by 40 percent to P719 million in the first three months of 2019 from P514 million in the same period last year, thanks to the strong contributions of its commercial leasing and residential businesses.
In a statement on Wednesday, the Lopez-led real-estate company said consolidated revenues inched up by 5 percent to P3.5 billion in January to March from P3.3 billion a year ago.
Earnings before interest, tax, depreciation and amortization (ebitda) jumped by 29 percent to P1.2 billion, while the ebitda margin was at 34 percent, it added.
Rockwell’s residential portfolio contributed the bulk of its revenues with P2.9 billion. Its ebitda grew by 26 percent to P702 million from last year’s P557 million.
Its commercial leasing portfolio posted P562 million in revenues, a 30-percent improvement from P431 million previously, due to the higher occupancy rates from its Power Plant Mall expansion, and from its Rockwell Business Center-Sheridan and Santolan Tower Plaza.
The firm’s hotel operations registered revenues of P64 million, accounting for 2 percent of consolidated net sales.
For this year alone, Rockwell spent P2.6 billion, the bulk of which were used to develop the five-tower residential project Proscenium.
For full-year 2019, Rockwell parent First Philippine Holdings Corp. has allocated P12 billion to the property company, to be used to finance its expansion needs.
Rockwell Land shares increased by 1 centavo or 0.50 percent to close at P2.03 each on Wednesday.
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