Rockwell Land Corporation more than doubled its consolidated net income to P1.56 billion in the first half of 2021 from the P702 million earned in the sam period last year.
In a disclosure to the Philippine Stock Exchange, the firm said attributable profit jumped 105 percent to P1.25 billion from P607 million in the same period last year.
Rockwell registered P6.59 billion in consolidated revenues, higher by 59 percent from last year’s P4.14 billion. Residential development accounted for 89 perccent of the total revenues in 2021, higher than last year’s 80 percent.
Total EBITDA reached P2.53 billion, higher than last year’s P2.01 billion driven by higher EBITDA from residential development segment. Residential development and commercial development contributed 73 percent and 27 percent to the total EBITDA, respectively.
Residential development generated P5.85 billion in revenues for the period. The bulk of the revenues came from the real estate sales, including accretion from interest income.
EBITDA from this segment amounted to P1.84 billion, 43 percent higher than the same period last year at P1.29 billion mainly attributable to higher sales booking and higher project accomplishments.
Commercial development revenues amounted to P743 million, 10 percent lower than 2020’s P824 million primarily due to higher concessions given to retail establishments.
Retail operations which includes retail leasing, interest income and other mall revenues is continuously affected by the implementation of quarantine with revenue amounting to P318 million, 15 percent lower from same period last year.
Office operations generated P394 million which is equivalent to 6 percent of the total revenues. Office operations include office leasing and other office revenues.
Hotel operations which includes room and other hotel revenues generated P32 million, 46 percecnt lower from same period last year due lower occupancy and average room rate.
Share in net income in its joint venture with Manila Electric Company, the Rockwell Business Center, amounted to P186 million, a 12 percent growth from last year’s income of P166 million due to higher revenues.
At its 70 percent share, Rockwell generated total revenues of P285 million and share in net income of Php186 million. The share in net income is reported net of taxes and represents the Company’s share in the operations generated by RBC.