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Rockwell expects robust income growth

Posted on May 29, 2013 10:36:20 PM [ Businessworld Online ]
By Emilia Narni J. David, Senior Reporter
LISTED PROPERTY firm Rockwell Land, Inc. projects its net income to grow by at least 25% this year as it launches several new projects this year, company officials said after its annual stockholders’ meeting yesterday.
The company is also banking on the growth of the mid-market segment, office spaces and serviced apartments.
“Our guidance for 2013 is around P1.4 billion to P1.5 billion which is around 25% to a high of 30% growth,” said Rockwell President Nestor J. Padilla during a press conference after the stockholders’ meeting.
The growth will be attributed to the strong performance of its current projects as well as those already in the pipeline.
Rockwell Land will launch 53 Benitez, its first mid-market segment offering in the first week of June and its serviced apartments Edades Tower will begin selling units by the end of the year.
The firm will also unveil its first foray outside of Metro Manila.
Rockwell Land purchased a 3.1-hectare land in Cebu which it will develop soon.
Other residential projects in Quezon, San Juan and Batangas are also expected to be announced this year.
For 2012, the company posted a P1.12-billion net income representing a 23% increase from P914.9 million in 2011 fueled by strong sales and timely completion of existing projects.
“We will continue to have products in what we call the ultra high-end segment as it will be strong. But we also see that there is real demand in the broader mid-market segment,” said Mr. Padilla.
He added office space market is also “going to continue to have strong demand especially from traditional tenants which we feel is underserved.”
As part of its growth strategy, Mr. Padilla said Rockwell Land is also looking to go “beyond operating [its] own serviced apartments” and will be launching its own serviced apartment and hotels management company.
Rockwell Land will be spending P12 billion for its operating expenses. Mr. Padilla revealed that the firm has set aside P26 billion for its high-end five-tower project The Proscenium and P3 billion for the development of the Cebu property.
Rockwell Land, known for its luxury developments, is primarily engaged in the business of development, sales and marketing, as well as management of residential towers as well as the development and operation of shopping malls, retail areas and office buildings.
A bulk of its projects in the residential and commercial segments are located in Rockwell Center, the company’s flagship mixed-use district in Makati City.
At present, Rockwell Land is developing the second and third phases of The Grove, a 5.4-hectare residential complex; Edades Tower and Garden Villas, a 50-storey residential condominium; 205 Santolan by Rockwell, a 1.8-hectare low-density townhouse community; The Proscenium, a 3.6-hectare mixed-use development adjacent to Rockwell Center; and Lopez Tower, a 20-storey building envisioned to be the headquarters of the Lopez Group of Companies.
Rockwell Land was incorporated in 1975 as First Philippine Realty and Development Corp., adopting its current name in 1995 after the shutdown of the Lopez Group’s thermal power plant in Makati City.
It debuted on the stock exchange in May last year by way of introduction.
Shares of the firm remained unchanged at P2.80 a piece.
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