Lopez property unit nets P1.6B in 2015
The Lopez family’s Rockwell Land Corp. booked a net income of P1.64 billion last year, up 5.1 percent from 2014.
Total revenues inched up to P8.92 billion, of which 81 percent came from the sale of residential and commercial condominium units, including accretion of interest income.
Reservation sales reached P7.3 billion mainly coming from the Proscenium towers, a mixed-use development project located on a 3.6 hectare property adjacent to Rockwell Center.
Residential development accounted for 73 percent of the total revenues, which is lower from its 84 percent share in 2014.
The decrease in this segment’s revenue was largely due to the lower completion of The Grove, Edades, and Alvendia, which were substantially complete already in 2014.
Revenues from commercial development amounted to P2.1 billion or 24 percent of aggregate revenues, higher than the 15 percent share a year earlier due the sale of office units from 8 Rockwell.
The contribution of hotel operations improved from one percent of total revenues in 2014 to 3 percent last year.
Retail operations chipped in P885.4 million, accounting for 10 percent of total revenues.
The contribution was seven percent higher than the previous year’s level owing to rental escalation and the replacement of underperforming stores with new and better performing tenantRevenue from sale of office units amount to P1,043 million.
This revenue pertains to revenue recognized based on completion and related interest income recognized from sale of office units of 8 Rockwell project.
Office leasing, operated under the Rockwell-Meralco BPO Venture, generated gross revenues of P517.9 million, up 60 percent year on year due to higher occupancy of the third tower, which was 100 percent occupied as of end of the year.
At its 80 percent share, Rockwell generated P414.3 million in revenues and share in net income of P170.8 million.
Hotel operations contributed three percent of the total revenues, more than doubling to P260 million from P89.6 million.