Rock­well Land profit jumps 11%

Business World - - CORPORATE NEWS - Arra B. Fran­cia

EARN­INGS of Rock­well Land Corp. grew 11% in 2016, as ro­bust sales of con­do­minium units off­set a dip in rev­enues from its com­mer­cial devel­op­ment seg­ment.

In a reg­u­la­tory fil­ing, the Lopez-led prop­erty developer said it booked P1.82 bil­lion in net in­come last year, from 2015’s P1.64 bil­lion.

To­tal rev­enues jumped by 42% to P12.71 bil­lion last year from P8.92 bil­lion the year prior.

Res­i­den­tial sales soared 69% to P10.8 bil­lion last year, largely due to the sub­stan­tial com­ple­tion of the Prosce­nium projects at Rock­well Cen­ter, Makati; and 32 San­son in Cebu. This seg­ment, which in­volves the devel­op­ment, sales and prop­erty man­age­ment of res­i­den­tial units un­der the Rock­well and Pri­maries brand, ac­counted for 87% of to­tal rev­enues.

Rock­well Land said reser­va­tion sales, driven by Prosce­nium, The Van­tage and newly launched Edades Suites, went up 45% to P11.8 bil­lion.

On the other hand, com­mer­cial de­vel­op­ments, which con­trib­uted 10% of to­tal rev­enues, saw a 38% de­cline to P1.3 bil­lion in 2016. Rock­well Land noted a 15% in­crease in leas­ing in­come failed to off­set the de­cline in the sale of of­fice units.

Ho­tel op­er­a­tions, which ac­count for 3% of to­tal rev­enues, re­ported a 33% in­crease in rev­enues to P346.7 mil­lion. Rock­well Land op­er­ates the Aruga ser­viced apart­ments at the Edades Tower in Makati City, and Aruga at The Grove in Pasig City.

Cost of real es­tate surged 73% to P7.8 bil­lion in 2016, as Prosce­nium and 32 San­son were sub­stan­tially com­pleted.

Rock­well Land spent P12.6 bil­lion for project and cap­i­tal ex­pen­di­tures in 2016, mainly for devel­op­ment and land ac­qui­si­tion costs.

In­cor­po­rated in 1975 ini­tially as the First Philip­pine Realty and Devel­op­ment Corp., Rock­well Land has busi­ness in­ter­ests in prop­erty devel­op­ment for the high-end and up­per mid-mar­kets in Metro Manila and Cebu.

Lopez Hold­ings Corp. holds in­vest­ments in Rock­well through First Philip­pine Hold­ings Corp.

Shares in Rock­well slipped 2.84% or five cen­tavos to P1.71 each on Thurs­day. —

ROCK­WELL LAND Corp. saw higher sales of its con­do­minium projects last year.

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