Despite this, net income to parent slipped 2 percent to P1.91 billion, weighed down by higher real estate costs and interest expenses.
High-end focus
The company, a subsidiary of the Lopez family conglomerate First Philippine Holdings Corp., noted that it continues to outperform market headwinds thanks to its focus on more premium market segments.
“While there is reported condo over supply in the market, the Company remains largely unaffected. The over supply is primarily concentrated in the mid-market projects which is different from Rockwell’s portfolio that mainly targets the high-end market,” it said in its latest fianical reprot.
Solid financials
• Residential revenue rose to P7.5 billion, accounting for 78 percent of total revenues.
• Earnings before interest, taxes, depreciation, and amortization (ebitda) from residential rose 13 percent to P2.56 billion, driven by construction progress.
• Ebitda margin improved to 43 percent from 42 percent, with total ebitda reaching P4.1 billion.
• Interest expense increased 6 percent to P876 million, weighing on bottom-line profit.
Rockwell also spent P4.9 billion in capex, mostly on land and development for Edades West, Mactan, and BenCab, funded largely by internal cash.
—Edited by Miguel R. Camus
