Rockwell Land Corporation, the real estate subsidiary of First Philippine Holdings Corporation, has appointed its President and CEO Nestor J. Padilla as concurrent Chairman. Padilla, who has been with the company since its incorporation in 1995, succeeds Ambassador Manuel M. Lopez, who passed away on January 12. In a statement, Rockwell said Padilla has been a central figure in every company milestone — such as the development of its flagship project, the Rockwell Center in Makati, with the iconic Power Plant Mall. He also led the company to the expansion of its real estate portfolio in key markets in Metro Manila, Central and Southern Luzon, and key cities in Visayas. The company emphasized that “Rockwell Land would not be where it is today without the guidance of the late Ambassador Lopez and Mr. Padilla. As such, it is fitting to have him continue to lead the company to even greater heights.” “We look forward to further milestones with Mr. Padilla at the helm, while he continues to drive the company as an innovative, trend-setting force in the real estate sector,” said Rockwell. Rockwell reported a 40 percent rise in attributable net income to P2.0 billion in the first nine months of 2022 from P1.4 billion in the same period of 2021. The firm said consolidated revenues grew 39 percent to P12.47 billion from P8.98 billion in 2021. Share in net income in the joint venture with Meralco and T.G.N Realty Corporation contributed 7 percent to the Company’s total EBITDA. Residential development and commercial development contributed 47 percent and 53 percent to the total EBITDA, respectively. Residential Development generated P8.98 billion, contributing 72 percent of the total revenues for the period. Bulk of the revenues came from the sale of condominium units, including accretion from interest income. Commercial Development revenues amounted to P3.5 billion, 139 percent higher than 2021’s P1.46 billion primarily due to recognition of sale of One Proscenium and significant improvement in retail segment performance. This segment contributed 28 percent to total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig City. Retail Operations which includes retail leasing, interest income and other mall revenues generated revenues of P1.36 billion, 104 percent higher than last year’s P666 million due to improved average rental and occupancy rate. Office Operations generated P1.97 billion which is equivalent to 16 percent of the total revenues. Office operations include office leasing, sale of office units and other office revenues. Hotel Operations, contributed 1 percent of the total revenues. Its revenues amounted to P163 million and costs and expenses at P131 million. Share in net income of joint venture and associates amounted to P297 million, higher than last year’s P277 million. The 7 percent growth from last year is mainly due to RBC-Ortigas’ higher average occupancy and rental rate. At its 70 percent share, Rockwell generated total revenues of P451 million and share in net income of P290 million.