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Sales fuel Rockwell’s 2013 profit growth

Posted on March 28, 2014 07:20:43 PM [ BusinessWorld Online ]

ROCKWELL Land Corp. grew net income by a fourth last year on the back of strong sales, the Lopez-led property developer said in a statement attached to a disclosure yesterday.

Rockwell said its net income after tax climbed 25% to P1.4 billion from P1.1 billion in 2012 on "[s]trong sales from new and existing projects, substantial construction completion of existing projects and a solid recurring income from Power Plant Mall and RBC (Rockwell Business Center)".

The company’s financial statement was not immediately available.

Revenues climbed 14% annually to P7.8 billion, with revenues from residential developments contributing P6.8 billion, or 87%, to the total. "Residential developments’ 16% year-on-year growth can be attributed mainly to increased completion of The Grove (By Rockwell in Pasig City) and 205 Santolan and from higher booking of sales for The Proscenium towers. Reservation sales rose 37% annually to P12.6 billion.

Revenues from the company’s commercial business -- consisting of retail and office leasing, and cinema operations -- expanded by 5% year-on-year to P1 billion.

Rockwell ended last year with P7.9 billion in capital expenditures, mainly to develop new office projects, the RBC Tower 3 and Lopez Tower.

Rockwell’s business has two segments: residential development and commercial leasing. It has four wholly owned subsidiaries, namely: Rockwell Integrated Property Services, Inc.; Primary Development Corp.; Stonewell Development Corporation, Inc.; and Primaries Properties Sales Specialist Inc.

Rockwell shares dropped one centavo or 0.61% to close P1.63 apiece on Friday. -- AMRV          

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