Rockwell enjoys profit surge in 1st half
Upscale property developer Rockwell Land Corp. booked a 46 percent increase in its first half profit to P1.03 billion on higher revenues from residential development as well as earnings from its commercial portfolio
The Lopez-led realty firm saw a 56 percent jump in revenues to P6.75 billion Sale of condominium units, including accretion of interest income, accounted for 86 percent of total revenues.
Residential development chipped in P5.89 billion or about 87 percent of the total revenues.
Revenues from commercial development amounted to P679 million, up 12 percent.This segment contributed 10 percent of total revenues excluding the share in the joint venture.
Retail operations, which include leasing, interest income and other mall revenues, generated P448 million in revenues, representing seven percent of total revenues.
Office operations contributed two percent or P118 million while hotel operations contributed three percent of the total revenues.