Rockwell Land Corp., the property developer behind the Rockwell Center mixed-use district in Makati City, posted a 24.7% increase in second-quarter attributable net income to P1.42 billion, up from P1.14 billion a year earlier, as revenue from real estate sales and leasing grew.

In its quarterly financial disclosure filed with the Philippine Stock Exchange on Thursday, the listed property developer reported that consolidated revenue climbed 37.2% to P7.12 billion from P5.19 billion.

Revenue from the sale of real estate rose 30.8% to P5.03 billion from P3.85 billion, while lease income jumped 54.8% to P1.03 billion from P663 million. Interest income nearly doubled to P164 million from P83 million, and other revenue increased to P892 million from P591 million.

Total expenses went up 27% to P4.33 billion from P3.41 billion. Cost of real estate rose to P3.15 billion from P2.53 billion, general and administrative expenses increased to P804 million from P555 million, and selling expenses climbed to P379 million from P324 million.

Interest expense surged 84.7% to P822 million from P445 million, while Rockwell Land's share in the net income of its joint venture declined to P117 million from P135 million.

Income before tax advanced 42% to P2.08 billion from P1.47 billion, while consolidated net income rose 41.1% to P1.60 billion from P1.13 billion.

Net income attributable to noncontrolling interests — the portion of consolidated earnings belonging to minority shareholders in the company's subsidiaries — reached P174 million in the second quarter, compared with a P9-million loss attributable to noncontrolling interests a year earlier. As a result, attributable net income to the parent grew more slowly than consolidated net income.

For the first six months, attributable net income climbed 42% to P2.71 billion from P1.91 billion a year earlier, while consolidated net income increased to P3.03 billion from P2.07 billion. First-half consolidated revenue rose 41% to P13.57 billion from P9.63 billion.

By segment, residential development accounted for 76% of total revenue. The company said residential development revenue was supported by higher project accomplishment, while commercial development revenue grew 55% to P3.32 billion, mainly due to the consolidation of Alabang Commercial Corp. (ACC).

Retail operations generated P2.38 billion in revenue, up 73% from P1.38 billion, driven by ACC's contribution and improved average rental and occupancy rates. Office operations generated P822 million, while hotel operations contributed P121 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 43% to P5.88 billion from P4.11 billion. Residential development contributed P3.65 billion, or 62%, while commercial development accounted for P2.23 billion, or 38%.

The revenue used to calculate the EBITDA margin excludes gross revenue from joint ventures with Manila Electric Co. and International Pharmaceuticals, Inc., which is reported separately as share in net income of joint ventures.

Rockwell Land spent P7.6 billion, gross of value-added tax, on project and capital expenditures in the first half, mainly for land acquisitions and development costs for Edades West, Mactan, BenCab, Power Plant Mall Angeles, and Cabo. The slate extends the company's project pipeline beyond Metro Manila into markets such as Cebu and Pampanga. The expenditures were funded mainly by internally generated funds and bond proceeds.

As of June 30, total assets stood at P142.7 billion, up 10% from P129.2 billion at end-2025. Total liabilities increased to P92.8 billion from P81.5 billion, mainly due to the P10-billion bond issuance in March, whose proceeds helped fund the company's expansion spending.

Rockwell Land is 86.58% owned by First Philippine Holdings Corp., the Lopez-led holding company whose businesses include power generation and property.

— Juliana Chloe A. Gonzales