Rockwell Land income up 23%

By Neil Jerome Morales (The Philippine Star) | Updated March 12, 2013 - 12:00am

MANILA, Philippines - Upscale property developer Rockwell Land Corp. said it has pierced through the P1-billion income mark for the first time last year.

In a disclosure, the property firm of the Lopez family said its earnings jumped 23 percent to P1.1 billion, up from P914.9 million in 2011.

“The substantial growth was primarily driven by strong sales, timely construction completion of existing projects and solid recurring income business,” Rockwell said.

Reservation sales spiked 87 percent to P9.2 billion due to strong sales take-up of the Grove project and newly launched projects 205 Santolan and the first two towers of the Proscenium.

205 Santolan is the property firm’s first townhouse project launched last year, while the Kiron and Sakura towers of the Proscenium were launched last November, offering 367 units that generated sales of P2.5 million in its first month of selling.

Rockwell said total revenues grew 10 percent to P6.7 billion. Bulk of the revenues came from residential development that picked up 11 percent to P5.8 billion.

Source: philstar online

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