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Rockwell income up 12% in first half

Posted on August 03, 2012 08:14:22 PM [ BusinessWorld Online ]

LISTED DEVELOPER Rockwell Land Corp. reported a 12% hike in its first semester profits over yearago levels on robust sales, saying on Friday it was thus on track to record over P1 billion in income this year.

The Lopez-controlled company said it realized a January to June net income of P439.70 million after tax, up from the P394.30 million in the same period last year. Revenues amounted to P2.50 billion. The company’s financial statement was not immediately made available.

“The company is expected to breach the P1-billion income mark this year,” Rockwell Land said in a statement.

“Rockwell Land is on the brink of accelerated trajectory and expansion. I am confident that we are on the right track,” Nestor J. Padilla, Rockwell Land president and chief executive, said further.

This growth was reportedly fueled by a 70% surge in the firm’s sales to P4.10 billion in the first half, thanks to brisk demand for units at The Grove and 205 Santolan projects, the statement added.

205 Santolan, a 1.8-hectare low-density townhouse development, is the company’s first project in Quezon City, while The Grove is a 5.4-hectare, six-tower property on C-5 Road that will be composed of residential and retail components.

Moving forward, Rockwell Land said it will be rolling out four more projects this year amid its robust performance in the first half.

In the fourth quarter, Rockwell Land will be launching The Proscenium (formerly introduced as Greater Rockwell), a 3.6-hectare, mixed-use expansion of its flagship Rockwell Center district in Makati City that will feature five residential towers and a performing arts theater.

In addition, excavation has already commenced for the Lopez Tower and Museum, which is intended to be the headquarters of the firms under the Lopez Group, the statement read.

Upon its completion in 2014, the Lopez Tower and Museum will add 30,000 square meters of leasable office space to the company’s portfolio.

Rockwell Land is also aiming to launch two projects in Quezon City in the second half, one of which will cater to a broader market segment than the company’s usual high-end clientele.

Meanwhile, the company said it will be opening serviced apartments at its Edades Tower and Garden Villas development to serve the investor market, on the back of high demand from the luxury property segment.

The Edades Tower and Garden Villas serviced apartments, currently under construction, are expected to be completed in the first half of 2014, Rockwell Land said.

Shares of Rockwell Land surged by 29.45% to P4.00 from P3.09 at its previous close. -- Franz Jonathan G. de la Fuente
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