MANILA, Philippines - Upscale property developer Rockwell Land Corp. on Friday said its net income surged 25 percent to P1.4 billion in 2013, from P1.1 billion in 2012.
In a statement, Rockwell attributed the strong profit growth to sales from new and existing projects, substantial construction completion of existing projects and a solid recurring income from Power Plant Mall and RBC.
Rockwell's reservation sales jumped 37% to P12.6 billion in 2013, due to continued demand for the first 3 Proscenium towers and sales of The Grove by Rockwell. Also fueling the growth was the nearly 100% sales take-up of the 205 Santolan, the Edades Tower and Garden Villas, and the Alvendia projects.
This helped push Rockwell's total revenues 14% higher to P7.8 billion. Residential development contributed P6.8 billion, representing the bulk (87%) of revenues, mainly due to increased completion of The Grove and 205 Santolan and higher booking of sales for The Proscenium towers.
At the same time, revenue from Rockwell's commercial business, which includes retail leasing, office leasing and cinema operations, grew 5% to P1 billion in 2013.
Total EBITDA for 2013 stood at P2.6 billion,driven primarily by the increased contribution of residential development.
In 2013, Rockwell spent P7.9 billion for capital expenditures for new projects such as RBC Tower 3 and Lopez Tower.