ROCKWELL Center INQUIRER FILE PHOTO.
MANILA, Philippines—Upscale property developer Rockwell Land grew its net profit last year by 25 percent to P1.4 billion on higher revenues from residential development as well as earnings from its commercial portfolio, which includes the Power Plant Mall and Rockwell Business Center.
As an indicator of future revenue growth, Rockwell reported strong demand for the first three Proscenium towers and The Grove by Rockwell in Pasig City, translating to P12.6 billion in 2013 reservation sales, 37 percent higher than the level a year ago.
The growth in reservation sales was also fueled by the nearly 100 percent sales take-up of the 205 Santolan, the Edades Tower and Garden Villas and the Alvendia projects, Rockwell reported.
Last year, revenues went up by 14 percent to P7.8 billion, with residential development contributing 87 percent of total.
Revenues from residential development went up by 16 percent which was attributed mainly to increased completion of The Grove and 205 Santolan and from the higher booking of sales for The Proscenium towers.
From the commercial business consisting of retail leasing, office leasing and cinema operations, revenues stood at P1 billion or 5 percent higher than a year ago.
Cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) stood last year at P2.6 billion, 68 percent of which came from the residential business and the rest from commercial leasing.
To invest for future growth, Rockwell spent P7.9 billion for capital expenditures in 2013.