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Nov 22, 2016 @ 0:41

Lopez group’s high-end residential projects thrive as demand remains resilient

 

Rockwell Land Corp. saw a 30.7 percent jump in its third quarter profit, a sign that buyer demand remains robust for high-end properties.

Net earnings swelled toP511 million from July to September this year as revenues surged 77.5 percent to P3.55 billion.

In the first nine months, Rockwell posted a net income of P1.22 billion, up 12 percent from P1.09 billion.

The growth was driven by the 46 percent expansion in revenues to P7.88 billion, which mostly came from the sale of condominium units.

Residential development generated P6.73 billion, contributing 85 percent of the total revenues for the nine-month period.

Revenues from commercial development, on the other hand, fell 46 percent to P894 million largely due to the sale of office units in 8 Rockwell last year. This segment chipped in 11 percent of total revenues excluding the share in the joint venture.

Retail operations, meanwhile, registered P674 million in revenue, accounting for 9 percent of total revenues

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