Rockwell Land Corp. on Tuesday said it bought back a total of P1.68 billion of its seven-year bonds since it started the buyback exercise on July 1.
The company said it concluded the buyback on August 12. The amount included P15 million that was traded on August 17, the company said in its disclosure.
Total outstanding bonds, which have a yield of 5.0932 percent, is at P3.31 billion, the company said. Rockwell, the property development arm of the Lopez group, reported a consolidated net income of P702 million in the first half, 44 percent lower than last year’s P1.26 billion.
Revenues for the period were down 40 percent to P4.14 billion, from last year’s P6.93 billion, due to the imposed quarantine in Metro Manila and key cities in the Philippines where the company operates.
Residential development accounted for 80 percent of the total revenues in 2020, slightly lower than last year’s 81 percent.
The company said figures for the first half of 2019 were restated to reflect the impact of PFRS 15 mainly on cost of sales and interest expense and PFRS 16 on rent expense, depreciation and interest expense in order for the 2020 figures to be comparable.
For the second quarter alone, Rockwell had a P32-million loss as against the previous year’s P538 million in income.
Revenues for the period, meanwhile, managed to reach P924 million, down by 73 percent from last year’s P3.44 billion, but mostly as a result of its interest income as other revenue streams were depressed.
Residential development generated P3.31 billion in the first half, contributing 80 percent of total revenues for the period. Bulk of the revenues came from the sale of condominium units, including accretion from interest income.
Commercial development revenues, meanwhile, amounted to P770 million, 35 percent lower than last year’s P1.18 billion primarily due to concessions given to establishments in relation to the series of community quarantines.
This segment contributed 19 percent of total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig.
Retail operations, which include retail leasing, interest income and other mall revenues, were significantly affected by the implementation of the quarantine. Revenues from retail operations amounted to P343 million, 48 percent lower than last year’s figure. Cinema operations only generated P31 million in revenues from January 2020 up to last day of operations in March, which is 1 percent of the total revenue for the year. Cinema operations include Cinema ticket and snack bar sales and other cinema revenues.
Office operations generated P396 million which is equivalent to 10 percent of the total revenues.