Rockwell sets aside P3 B for 2017 capex
MANILA, Philippines - Rockwell Land Corp. will use P3 billion worth of its retained earnings for capital expenditures this year.
In a disclosure to the Philippine Stock Exchange Friday, Rockwell said its board of directors approved the appropriation of P3 billion from the company’s P8.9 billion retained earnings as of the end of 2016, which will be used for capital expenditures and asset acquisitions.
Last year, Rockwell allocated around P10 billion to P12 billion for capital spending.
In a financial report released earlier this week, Rockwell said its net income grew 11 percent to P1.8 billion.
Total revenues jumped 43 percent to P12.7 billion, driven by revenues from condominium sales which surged 51 percent to P9.6 billion.
“Residential development accounted for 87 percent of the total revenues in 2016, higher than its 73 percent share in 2015, while commercial development accounted for 10 percent of the total revenues, lower compared to 24 percent in 2015,” the company said.
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