Rockwell net profit more than doubled to P1.56B in first half – Manila Bulletin

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Rockwell Land Corporation more than doubled its consolidated net profit to 1.56 billion pesos in the first half of 2021, from 702 million pesos earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the company said attributable profit jumped 105% to 1.25 billion pesos from 607 million pesos in the same period last year.

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Rockwell posted a consolidated turnover of 6.59 billion pesos, up 59% from 4.14 billion pesos last year. Residential development accounted for 89% of total revenue in 2021, more than 80% last year.

Total EBITDA reached 2.53 billion pesos, higher than 2.01 billion pesos last year, due to the increase in EBITDA of the residential development segment. Residential development and commercial development contributed 73% and 27% respectively of total EBITDA.

Rockwell Center, Makati

The residential development generated sales of 5.85 billion pesos over the period. Most of the income came from sales of real estate, including increased interest income.

EBITDA for this segment was 1.84 billion pesos, 43% higher than the same period last year at 1.29 billion pesos, mainly due to an increase in sales bookings and higher project achievements.

Revenues from business development amounted to 743 million pesos, 10% lower than the 824 million pesos in 2020, mainly due to higher concessions given to retail establishments.

Retail operations which include retail rental, interest income and other income from shopping centers are continually affected by the implementation of the quarantine with revenues amounting to 318 million pesos, 15 % less than the same period last year.

Office operations generated 394 million pesos, equivalent to 6 percent of total revenue. Office operations include the rental of office space and other office income.

Hotel operations, which include rooms and other hotel revenues, generated 32 million pesos, 46 percent lower than the same period last year due to an average occupancy and rate lower rooms.

The share of net profit of its joint venture with Manila Electric Company, Rockwell Business Center, was 186 million pesos, up 12% from last year’s income of 166 million pesos due increase in income.

At its 70 percent share, Rockwell generated total revenue of 285 million pesos and a net income share of 186 million pesos. The share of net income is presented net of tax and represents the Company’s share of transactions generated by RBC.


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