Rockwell Land Corp. is eyeing to spend at least P11 billion in the next two years out of its retained earnings.
The company told regulators it will use the amount “to partially fund its capital expenditures covering the period 2023-2024.”
This follows after the Lopez-led realtor reported a 17.01 percent increase in profit for the first nine months at P2.19 billion, from last year’s P1.88 billion.
Revenues reached P12.47 billion, a 39 percent increase from last year’s P8.98 billion.
Residential development accounted for 72 percent of the total revenues, lower than last year’s 84 percent.
The residential development business generated P8.98 billion in revenues, the bulk of which came from the sale of condominium units, including accretion from interest income.
The commercial development posted revenues of P3.55 billion, a 139 percent increase from last year’s P1.46 billion. The retail operations, which includes retail leasing, interest income and other mall revenues, posted revenues of P1.36 billion, up 104 percent from last year’s P666 million. Office operations generated P1.97 billion, while hotel operations generated revenues of P163 million
Earnings before interest tax depreciation and amortization hit P4.26 billion, up from last year’s P3.31 billion.
For the period, Rockwell spent P4.9 billion as capital expenditures for the period.
“Bulk of the expenditures pertained to development costs, mainly that of The Arton, Proscenium, Rockwell South and Balmori Suites. These were funded mainly by internally generated funds,” it said.
