Rockwell to avail of 2 loans worth P15B

rockwell logo e1568979961711 - Rockwell to avail of 2 loans worth P15B

ROCKWELL Land Corp. will avail of two long-term loan facilities worth P15 billion to fund its capital expenditures and repay debt.

The Lopez-led property developer told the stock exchange Friday its board of directors has approved the availment of P5 billion loan from Philippine National Bank and a P10 billion loan from BDO Unibank, Inc.

Rockwell Land said the proceeds will be used to fund its capital spending requirements and to refinance its maturing debts.

The company allocating P12-14 billion for capital expenditures this year, including expanding its land bank.

It is expecting to end the year with more than P10 billion in sales from residential developments, as it announced in May a pipeline of projects such as its first horizontal development in Laguna.

In terms of reservation sales, Rockwell Land is looking at reaching P16 billion by the end of the year, higher than the P15 billion in reservation sales last year.

The company posted an attributable net income of P1.28 billion in the first semester, up 25.5% from the P1.02 billion it reported last year, on the back of a 21% reduction in gross expenses to P5.21 billion. — Denise A. Valdez

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