Rockwell Land logs 986-M net income in 9 months

Rockwell Land Corporation registered a 7 percent growth in net income to 986.1 million in the first nine months of 2014 from the 923.4 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose 12 percent to 6.05 billion from last year’s 5.38 billion. About 84 percent of the revenues came from the sale of condominium units, including accretion of interest income.

Total EBITDA reached 2.03 billion, 18 percent higher than last year’s 1.72 billion primarily driven by a 31 percent growth in contribution of Residential Development.

Residential development and commercial leasing contributed 70 percent and 30 percent to the total EBITDA, respectively.

Residential development generated 5.3 billion, contributing 88 percent of the total revenues for the period. Sales take up for the first nine months of 2014 grew by 5 percent to 11.52 billion due to the launching of Proscenium’s fourth tower and its Garden Villa in April 2014, 32 Sanson project in January 2014 and Proscenium Tower in September 2014.

Proscenium Tower is a 46-story office tower completing the Proscenium development.

EBITDA from this segment amounted to 1.42 billion, 31 percent higher than the same period last year at 1.09 billion due mainly from higher construction completion for The Grove C,D, E and F, start of income recognition for Alvendia and 53 Benitez, and higher interest income accretion for Proscenium and 32 Sanson projects.

Commercial leasing revenues amounted to 741.5 million, 3 percent lower than 2013’s 766.3 million mainly due to lower cinema occupancy rate.

Retail Operations generated revenues of 595.0 million, accounting for 12 percent of total revenues. Retail operations include retail leasing, interest income and other mall revenues.

Cinema Operations also generated 146.4 million which is 2 percent of total revenues. Cinema operations include Cinema ticket and snackbar sales and other cinema revenues. (JAL)