Lopez-led property developer Rockwell Land Corp. has breached the P1-billion profit milestone in 2012, given the rise in revenues booked from its residential projects and the growth in rental income.
Rockwell posted a net income of P1.1 billion last year, up by 23 percent from year-ago level, the company disclosed to the Philippine Stock Exchange on Monday.
The company booked P6.7 billion in revenues last year, up by 10 percent from year-ago level. The bulk came from residential development, which grew by 11 percent to P5.8 billion.
“The construction of The Grove, Edades and 205 Santolan were in full swing, contributing to the growth in revenue recognition,” the company said.
Likewise cited by the company as a major milestone last year was the completion of Towers A and B of The Grove. The company started handing over The Grove units to 620 buyers in the third quarter of last year.
In the meantime, revenues from the company’s recurring income business—retail leasing, office leasing and cinema operations—also grew by 3 percent to P965.3 million last year.
As an indicator of future growth in revenues, Rockwell reported that residential reservation sales reached P9.2 billion in 2012, 87 percent higher year-on-year. This was attributed to the strong sales take-up of its Grove project as well as its newly launched projects, 205 Santolan and the first two towers of The Proscenium. Doris C. Dumlao