Property

Rockwell profit dives on pandemic hit

Rockwell Land Corp. saw its nine-month net income decline by 67% to P744 million on lower earnings from residential development and retail leasing.

Rockwell Land Corp. saw its nine-month net income decline by 67% to P744 million on lower earnings from residential development and retail leasing.

Consolidated revenues fell 40% to P6.8 billion, of which P5.3 billion was generated from residential development.

Revenues from commercial development dipped 21% to P1.4 billion, largely due to concessions given to establishments due to the quarantine restrictions imposed since March to contain the virus. This segment contributed 21% of the total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig City.

Retail Operations which includes retail leasing, interest income and other mall revenues was significantly affected by the lockdown as revenues plunged by 52% to P462 million.

Hotel operations, which were affected by quarantine, pumped in P66 million or one percent of the total revenues.

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