Rockwell LandRockwell Land Corporation registered P8,049 million in consolidated revenues, higher by 19% from last year’s P6,754 million, for the first half ended June 30, 2018 and 2017.
Eighty-five percent of the revenues came from the sale of condominium units, including accretion of interest income. Total EBITDA [earnings before interest, taxes, depreciation and amortization] reached P2,153 million, 20% higher than last year’s P1,791 million, primarily driven by strong performance of the residential segment. Overall EBITDA margin registered at 27% of total revenues, which is slightly higher compared to last year’s 26%. The total revenues used as basis for the EBITDA margin excludes gross revenues from the joint venture with Meralco as the latter is reported separately. Share in net income in the joint venture contributes 6% to the company’s total EBITDA. Residential development, commercial development and hotel contributed 65%, 33% and 2% to the total EBITDA, respectively. Net income after tax (NIAT) registered at P1,245 million, up by 20% from last year’s P1,036 million. NIAT margin is at 16%, slightly higher compared to last year’s 15%.