Rockwell earnings up 40% to P719 M in Q1

Rockwell Land Corp. reported a net income of P719 million in the first quarter, up 40 percent on the strong performance of its residential and commercial leasing businesses.

As a result, consolidated revenue increased by five percent to P3.5 billion.

Of the amount, the residential development business generated P2.9 billion or 82 percent of the total revenue.

The commercial leasing business reported a 30 percent jump in revenue to P562 million.

This contributed 16 percent to total revenues, mainly driven by higher occupancy of the expanded Power Plant Mall and Rockwell Business Center - Sheridan and Santolan Town Plaza.

The rest of the revenue came from hotel operations, which amounted to P64 million and contributed two percent to total revenues.

Rockwell poured in P2.6 billion for project and capital expenditures during the period to fund development costs, primarily Proscenium.

The Proscenium at Rockwell is a prime residential condominium in Rockwell Makati.

Last year, Rockwell also handed over the first two towers of Proscenium, Kirov and Sakura, which received strong positive feedback from unit buyers.

In 2018, the residential segment launched the second tower of the company’s Katipunan project, The Arton by Rockwell and Phase 1 of Aruga Resort and Residences – Mactan in Cebu.

The company witnessed strong reservation sales from these two major projects in the first quarter.

Rockwell also launched last year a pioneering Rockwell horizontal community in Lipa Batangas, the Terreno South which caters to the middle-market.

Meanwhile, the commercial leasing segment remains robust as the company ramps up the occupancy of the Power Plant Mall Expansion, RBC Sheridan and Santolan Town Plaza.

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.

Outside Rockwell Center, RBC Sheridan and Santolan Town Plaza added 47,000 sqm and 20,000 sqm in leasable area, respectively.