Rockwell Land Corporation (ROCK) posted a 40 percent increase in net income to P719 million in the first quarter of 2019 from P514 million in the same period last year.
In a statement, the firm said earnings growth was driven by the solid performance of its residential development and expansion of its commercial leasing business.
Consolidated revenues reached P3.5 billion in the first quarter of the year, 5 percent higher than the P3.3 billion reported in the first quarter of 2018.
Total EBITDA grew by 29 percent to P1.2 billion and registered an EBITDA margin of 34 percent to total revenues, which is also higher compared to last year’s 28 percent.
The residential development reflected a sustained performance and generated P2.9 billion, contributing 82 percent to the total revenues for the period from the good sales performance of Proscenium and 32 Sanson projects.
Also contributing to the Company’s continuous growth is the commercial leasing business which includes retail and office operations.
This segment reported revenues of P562 million, 30 percent higher than P431 million in the first quarter of 2018 and contributed 16 percent to total revenues.
This is mainly driven by higher occupancy of the Power Plant Mall Expansion, Rockwell Business Center-Sheridan and Santolan Town Plaza.
Revenues from hotel operations amounted to P64 million and contributed 2 percent to total revenues.
Rockwell spent a total of P2.6 billion for project and capital expenditures in the first three months of 2019. The bulk of the expenditures pertained to development costs, primarily that of Proscenium.