Rockwell Land Corp. saw a 67 percent increase in net income attributable to the parent company in the first quarter of the year, reaching P1.29 billion from P773 million in the same period last year, driven by strong property sales and expanding commercial revenues.

The Lopez-led developer reported on Monday that its consolidated net income likewise rose 52 percent to P1.43 billion from P943 million a year earlier.

Consolidated revenues climbed 45 percent year-on-year to P6.46 billion from P4.46 billion, supported by sustained demand across its residential and commercial businesses.

Residential development remained the company’s largest contributor, accounting for 75 percent of total revenues. Revenues from the segment rose to P4.85 billion, fueled by real estate sales and construction accomplishments from projects including Edades West and Cabo San Diego.

Commercial development revenues, meanwhile, increased 55 percent to P1.60 billion, primarily due to the start of revenue recognition from the Alabang Commercial Center.

Retail operations generated P1.14 billion in revenues, up 74 percent from the previous year, as higher occupancy rates, improved rental rates, and the integration of Alabang assets boosted performance.

Rockwell Land’s EBITDA also expanded 42 percent to P2.72 billion from P1.92 billion previously, reflecting growth across its core business segments.

“While the real estate industry shows signs of resilience in spite of the times, steady demand for premium, integrated communities continues to support company growth,” the company said. 

To sustain growth, Rockwell Land said it remains focused on expanding developments in key cities and emerging growth areas nationwide.