Brisk condo sales boost Rockwell profit | Inquirer Business

Brisk condo sales boost Rockwell profit

/ 05:16 AM November 20, 2017

Property developer Rockwell Land Corp. reported higher profits in the first nine months of the year as it sold more residential condominium units, its quarterly report showed.

Rockwell, a subsidiary of the Lopez clan’s First Philippine Holdings Corp., said net income from January to September this year hit P1.59 billion, up 31 percent from year-ago level.


The builder, best known for developing the upscale Rockwell Center mixed-use community in Makati City, said total revenue rose 36 percent to P10.7 billion in the first nine months.
It said the sale of condominium units alongside the accretion of interest income accounted for 86 percent of total revenue during the period.

As noted, residential developments accounted for the bulk of its business. This segment generated P9.4 billion in sales. Commercial development revenue amounted to P1.06 billion, up 11 percent.


The company said retail operations generated some P683 million in revenue, or about 6 percent of total. This included retail leasing, interest income and other mall revenues.

During the same nine-month period, Rockwell Land said total Ebitda (earnings before interest, taxes, depreciation, and amortization) hit P2.71 billion, higher by 16 percent. The gain was mainly on account of its residential business.

Overall Ebitda margin was at 25 percent, lower than 30 percent in the same period last year.

The builder said residential development, commercial development and hotel contributed 63 percent, 35 percent and 2 percent to the total Ebitda, respectively.

Rockwell Land’s total capital expenditures through September hit P8.87 billion, up 20 percent.

The expenditures consisted mostly of development costs for Proscenium, RBC Sheridan and The Vantage projects, it said.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, condo, Rockwell Land Corp.
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.