Most of its money came from high-end residential sales, which made up 77 percent of total revenues and brought in P3.4 billion, up from last year as more units neared completion.
“While there is reported condo over supply in the market, the company remains largely unaffected. The oversupply is primarily concentrated in the mid-market projects which is different from Rockwell’s portfolio that mainly targets the high-end market,” Rockwell Land said in its latest quarterly report.
Overall revenues hit P4.45 billion, a 15 percent increase, thanks to strong demand for its premium developments in places like Mactan and Edades West.
Margins improved with better cost control and higher interest income, while joint ventures added P111 million, led by the Ortigas business center.
Retail revenues edged up to P652 million on stronger occupancy and rent, with office and hotel operations steady.
Despite higher interest costs, liabilities fell to P45.3 billion, while assets grew to P82.1 billion.
