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Manila Bulletin devider Business devider The Stock Market devider Rockwell Land's profitability squeezed by higher costs, interest in first semester

Rockwell Land's profitability squeezed by higher costs, interest in first semester

Published Aug 13, 2025 03:38 pm
The Lopez Group’s upscale property developer, Rockwell Land Corp., saw a dip in first-half profits as higher expenses and interest payments offset growth in revenues, as residential sales rose despite the condominium glut.
The firm’s financial report filed with the Philippine Stock Exchange showed that consolidated net income declined to ₱2.07 billion in the first half of 2025 from ₱2.09 billion in the same period last year. Attributable profit is two percent lower at ₱1.91 billion from ₱1.95 billion.
Rockwell registered ₱9.63 billion in consolidated revenues, higher by eight percent from last year’s ₱8.88 billion. Residential development accounted for 78 percent of the total revenues in 2025, higher than last year’s 76 percent.
Total earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₱4.11 billion, higher than last year’s ₱3.76 billion, driven by higher EBITDA from residential development.
Residential development and commercial development contributed 62 percent and 38 percent to the total EBITDA, respectively.
Residential Development generated ₱7.5 billion in total revenues for the period. Bulk of the revenues came from the sale of real estate, including accretion from interest income.
“While there is reported condo over supply in the market, the Company remains largely unaffected. The over supply is primarily concentrated in the mid-market projects which is different from Rockwell’s portfolio that mainly targets the high-end market,” Rockwell said.
EBITDA from this segment amounted to ₱2.56 billion, 13 percent higher than the same period last year at ₱2.26 billion, mainly attributable to projects with higher construction progress.
Commercial Development revenues amounted to ₱2.14 billion, slightly higher than 2024’s ₱2.13 billion. This segment contributed 22 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 include retail leasing, interest income, and other mall revenues, generated revenues of ₱1.38 billion, seven percent higher than last year’s ₱1.29 billion due to improved average rental and occupancy rate.
Office Operations generated ₱635 million, accounting for seven percent of the total revenues. Office operations include office leasing, sale of office units, and other office-related revenues.
Hotel Operations contributed one percent of the total revenues. Its revenues amounted to ₱123 million, and costs and expenses amounted to ₱94 million. Resulting EBITDA is at ₱29 million.
The commercial segment’s EBITDA amounted to ₱1.55 billion, slightly higher from the same period last year. This includes the share in net income in the joint venture with Meralco amounting to ₱205 million, contributing 13 percent to the segment’s EBITDA.
Cost of real estate and selling amounted to ₱5.85 billion. The cost of real estate and the selling-to-total-revenue ratio is at 61 percent, slightly higher than last year’s 59 percent due to higher costs incurred from residential projects.
Interest Expense amounted to ₱876 million, higher by six percent than last year’s ₱827 million. The increase was mainly due to higher average loan balance and average interest rate.
Share in Net Income in JV and associates realized share in net income of JV and associate amounted to ₱246 million, higher than last year’s ₱194 million.
The 27 percent increase from last year is mainly due to higher income from Rockwell IPI (International Pharmaceuticals Inc.), slightly offset by higher operating expenses for Rockwell Business Center-Ortigas.
At its 70 percent share, the Company generated total revenues of ₱309 million and share in net income of ₱205 million. The share in net income is reported net of taxes and represents the Company’s share in the operations generated by RBC.

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