Rockwell Land Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, revenue was PHP 2,123 million against PHP 1,869 million last year. Income before income tax was PHP 466 million against PHP 463 million last year. Net income attributable to equity holders was PHP 334 million or PHP 0.05 per basic/diluted share against PHP 339 million or PHP 0.04 per basic/diluted share last year.
For the six months, revenue was PHP 3,546 million against PHP 3,237 million last year. Income before income tax was PHP 813 million against PHP 772 million last year. Net income attributable to equity holders was PHP 588 million or PHP 0.10 per basic/diluted share against PHP 555 million or PHP 0.09 per basic/diluted share last year. Net cash used in by operating activities was PHP 24 million against PHP 400 million last year. Acquisitions of property and equipment were PHP 381 million against PHP 38 million last year. Acquisitions of investment properties were PHP 359 million against PHP 323 million last year. ROA was 3.3% against 4.9% last year. ROE was 9.8% against 10.7% last year. Total EBITDA reached PHP 1,261.0 million, 22% higher than last year's PHP 1,036.9 million primarily driven by a 40% growth in contribution of Residential Development. The company spent a total of PHP 4.6 billion for project and capital expenditures for the first half of 2014, 22% higher than last year's PHP 3.8 billion. The expenditures consist mostly of development costs of The Grove Towers C & D and E & F, Proscenium, and 53 Benitez projects.