ROCKWELL LAND Corp. has secured a P15-billion term loan facility from the Bank of the Philippine Islands (BPI) to partially finance its capital expenditures and other general corporate requirements.
In a stock exchange disclosure on Wednesday, the property developer said the proceeds can be used to partially fund its capital expenditures and other general corporate needs.
For the primary quarter, Rockwell Land reported a 67% increase in attributable net income to P1.29 billion from P773 million a yr earlier, driven by growth across its residential and business segments.
Consolidated revenues rose 45% to P6.46 billion from P4.46 billion. Residential development accounted for 75% of total revenues, while business development, excluding three way partnership shares, contributed 25%.
Last month, the corporate said reservation sales reached P25 billion, reflecting sustained demand for its residential developments.
Rockwell Land attributed the expansion to newly launched horizontal developments, including Samanean at Paradise Farms in Bulacan, Rockwell Center Lipa, Lauan Ridges, and its 350-hectare beach and golf resort community.
The corporate can be expanding its retail portfolio, with projects that include a second Power Plant Mall in Angeles City, Pampanga; additional retail space at Rockwell at IPI Center in Cebu City; and Power Plant Mall Bacolod in Rockwell Center Bacolod.
In January, Rockwell Land said it planned to boost as much as P10 billion through a bond offering to assist fund the expansion of its retail and residential portfolio.
The corporate also recently acquired a 74.8% stake in Alabang Business Corp., which owns and operates Alabang Town Center, for P21.6 billion.
On the stock exchange on Wednesday, shares in Rockwell Land fell two centavos, or 0.77%, to shut at P2.57 apiece. — Ashley Erika O. Jose