Developer Rockwell Land Corp. on Monday said its net income for the first half of 2015 grew by 19 percent.
In a financial report, the company said its net income in the first six months amounted to P698 million, up 19-percent from P588.5 million a year earlier.
Consolidated revenues, on the other hand, dropped by 4 percent to P3.4 billion from P3.5 billion in the same comparable period, and mainly driven by a decline in condominium sales after the substantial completion of The Grove Towers C-F project last year.
Revenues from residential developments amounted to P2.2 billion, which accounts for 63 percent of total revenues.
Revenues from commercial development grew by 154 percent to P1.3 billion from P497.4 million, mainly due to the sale of office units in Rockwell.
Office units sales generated a revenue of P608 million, which accounts for 18 percent of total revenues, while revenue from retail operations totaled P427.5 million or 13 percent of total revenues.
The company spent P3.4 billion for project and capital expenditures in the first six months of the year, mostly on developing the Proscenium project.
Rockwell Land is a premier residential and commercial property developer, targeting the high-end and upper-mid markets of Metro Manila.