ROCKWELL Land Corp. has approved additional long-term loan facilities on Friday to fund its capital expenditure requirements and debt payment.
In a disclosure to the local bourse, the listed property firm said that a P15-billion loan was greenlighted by its board of directors during a regular meeting.
The first one was a P5-billion long-term loan facility of up to 10 years with the Philippine National Bank.
Another was P10-billion long-term loan facility of up to 10 years with BDO Unibank Inc.
This, after approving a P5-billion loan program of up to seven years with Metropolitan Bank & Trust Co. in September.
Proceeds will be allocated for capital expenditures, company acquisitions and investments.
Rockwell said earlier that it was eyeing to launch an P8-billion project — featuring eight mid-rise residential towers and 10.9 hectares of land for retail and activity areas — by year-end.
The firm saw its consolidated net income the first six months surge by nearly 24 percent to P1.26 billion from P1.02 billion on the previous year for the same period despite lower revenues.
Gross revenues for the period fell by 13.85 percent to P6.93 billion from year-earlier P8.04 billion.
Total expenses, however, decreased by 21.46 percent to P5.21 billion from P6.63 billion year-on-year.
Rockwell shares dipped by 5 centavos or 2.17 percent to finish at P2.25 apiece on Friday.