ROCKWELL Land Corp. plans to raise P10 billion from a bond offering to partially finance its capital expenditures.
In a disclosure, the property arm of Lopez-led First Philippine Holdings Corp. said that its board had approved a bond offering of up to P20 billion under a shelf registration, with an initial tranche of up to P10 billion.
Rockwell Land tapped First Metro Investment Corp. and BDO Capital and Investment Corp. as joint issue managers. The two firms will also serve as joint lead underwriters along with PNB Capital and Investment Corp. and RCBC Capital Corp.
Rockwell Land has reported a net income after tax of P2.05 billion for the first half, slightly lower than the P2.09 billion reported in the same period last year, despite an 8 percent increase in consolidated revenues to P9.63 billion from P8.88 billion.
Residential development accounted for 78 percent, or P7.5 billion, of revenues generated from real estate sales and accretion from interest income.
Commercial development revenues, rose to P2.14 billion, with retail operations up 7 percent at P1.38 billion, office operations generating P635 million, while hotel operations contributed P123 million.
Rockwell Land said that as of end-June, capital spending stood at P4.9 billion, the bulk of which went land acquisition and development costs, mainly for its Edades West, Mactan and BenCab projects.
Rockwell Land shares on Friday shed 3 centavos, or 1.56 percent, to P1.89 apiece amid a 0.25 percent drop for the benchmark Philippine Stock Exchange index.
