Rockwell Land Corp. said Monday its first-quarter net income jumped 67 percent to P1.29 billion from P773 million in the same period last year, led its recent acquisition of Alabang Town Center.
The real estate arm of the Lopez group grew its revenues by 45 percent year-on-year to P6.46 billion from P4.46 billion in the first quarter of the previous year. Residential development generated 75 percent of the total revenue, while commercial development contributed 25 percent, excluding joint venture shares.
Residential sales revenues climbed to P4.85 billion, boosted by real estate sales and project accomplishments from Edades West and Cabo San Diego.
Commercial revenues surged 55 percent to P1.60 billion, as the company started recognizing Alabang Commercial Center (ACC).
In December, Rockwell acquired a 74.8-percent controlling stake in ACC, which owns and operates Alabang Town Center (ATC), for P21.6 billion. Within the commercial portfolio, retail operations brought in P1.14 billion, a 74-percent increase from last year that resulted from higher occupancy levels, improved average rental rates and the integration of the Alabang assets.
The property firm spent P3.2 billion in capital expenditures in the first quarter, using the bulk of the funds for land acquisition and development costs for ongoing projects.
In March, Rockwell raised P10 billion from the issuance of fixed-rate bonds to fund capital expenditures and project developments, including Rockwell Center Bacolod, Power Plant Mall in Angeles City, Pampanga and Aruga Hotel in Mactan, Cebu.”As real estate industry shows signs of resilience in spite of the times, it remains focused on strengthening its developments across key cities and emerging growth areas nationwide,” Rockwell Land said.
