Total revenues jumped 59.2 percent to P6.59 billion as real estate sales more than doubled to P4.93 billion.

Residential developments generated P5.85 billion, accounting for 89 percent of the total. This is higher than last year’s share of 80 percent.

The strong growth was driven by higher sales bookings from projects with significant completion, and start of revenue and cost recognition of Arton, Mactan and Rockwell South projects in the second half of 2020.

Interest income, however, declined by 17.85 percent to P801 million, largely due to sell out and completion of Proscenium and The Vantage.

Lease income amounted to P580 million, down from P618 million due to higher concessions given to retail establishments during the quarantine period.

Commercial development contributed 11 percent of the total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas.

The post Lopez family rocking the real estate market as first half earnings double first appeared on Bilyonaryo Business News.



Lopez family rocking the real estate market as first half earnings double
Source: Filipino Daily Inquirer