Rockwell profits breach billion-peso mark

Listed property developer Rockwell Land Corporation's net income breached the billion-peso mark last year due to its timely completion of projects and  strong sales. In a statement to the Philippine Stock Exchange, Rockwell Land said it registered a net profit of P1.1 billion, up by 23 percent from the P914.9 million in 2011. “The substantial growth was primarily driven by strong sales, timely completion of existing projects and a solid recurring income business,” the statement read. Rockwell Land said reservation profits saw an 87 percent surge to P9.2 billion on strong sales take-up of its Grove project along with other developments. Sales of its first township development  205 Santolan and the first two towers of The Proscenium that were launched in May and November last year, respectively, were also robust, it added. Revenues from recurring income business –  including retail and office leasing as well as cinema operations – grew 3 percent to P965.3 million. The company spent P7.9 billion in capital expenditures in 2012, 79 percent higher from a year previous. These were used to acquire lots for development in San Juan, Quezon City and Cebu City. — SOA/KBK, GMA News