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Rockwell sets P3-B capex, posts P1.8-billion profit

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Rockwell Land Corporation, the property development arm of the Lopez Group, is allotting P3 billion for capital expenditures and asset acquisitions over the next two years while reporting a net income of P1.82 billion for 2016.

In a disclosure to the Philippine Stock Exchange, the firm said its board of directors (BOD) has ratified the appropriation of P3.0 billion for this purpose out of the total Retained Earnings of P8.9 billion as of December 31, 2016.

However, the P3 billion will be just part of the company’s total capex for the two years. A company spokesperson said total capex and other details will be disclosed next month.

Meanwhile, Rockwell Land said net income was 10.6 percent higher than the P1.64 billion earned in 2015. As a percentage to revenues, net income was 14 percent for 2016 and 18 percent for both 2014 and 2015.

Total revenues jumped 47.7 percent to P12.7 billion in 2016, from P8.59 billion in 2015, increasing at a compounded annual rate of 20 percent since 2014.

Residential development accounted for 87 percent of the total revenues in 2016, higher than its 73 percent share in 2015, while Commercial development accounted for 10 percent of the total revenues, lower compared to 24 percent in 2015; this is due to the acceleration of residential revenues at 69 percent.

The contribution of Hotel Operations remained at 3 percentin 2016, same as in 2015.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in 2016 amounted to P3.4 billion representing 27 percent of total revenues and a 5 percent compounded annual growth since 2014.

While EBITDA from Residential Development accelerated by 39 percent in 2016 due to the strong performance of the Proscenium project, Commercial Development saw a decrease in its EBITDA by 23 percent from 2015, the year when a substantial number of 8 Rockwell office units were sold.

Meanwhile, the Hotel Operations’ EBITDA grew to P88.6 million following the launch of Aruga at The Grove last April 2016. Residential development, commercial development and hotel operations contributed 64 percent, 33 percent and 3 percent to total EBITDA, respectively.

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