Rockwell roars back, H1 earnings beat 2020 level

Upscale property developer Rockwell Land has seen earnings in the first six months exceed the full 2020 level, riding on a resilient high-end residential property market during this prolonged COVID-19 pandemic.

Building on this momentum, Rockwell is set to bring to the property market about P21 billion worth of new inventory this year.

Rockwell president Nestor Padilla estimated that in the first six months of this year, the company’s net income after tax had reached P1.2 billion. For the whole of 2020, the company’s net income amounted to P1.08 billion, down by 63 percent from the previous year.

“We will always hold tight to our vision of creating beyond ordinary communities amid any situation,” Padilla said during the company’s stockholders’ meeting on Wednesday. “We remain optimistic to launch several projects.”

Rockwell Center Nepo, Angeles—a 3.6-hectare, P8.5-billion joint venture with the Nepomuceno family—will launch this July with its first tower, The Manansala.

Rockwell is also expanding its footprint in Negros with the launch of Rockwell Center Bacolod.

Twice the size of the first Rockwell Center in Makati, it will be a 30-hectare master-planned development. INQ