LISTED real estate developer Sta. Lucia Land, Inc. recorded a net income of P1.26 billion during the first quarter, up 11.5% from P1.13 billion a year ago, due to higher revenues.
In the company’s financial statement, it booked a 16.7% jump in revenues to P3.57 billion during the quarter from P3.06 billion the previous year as sales increased.
“The group’s financial performance reflects positive growth driven by increased marketing efforts for real estate sales and increased foot traffic in the mall for rental income,” the company said in a disclosure.
“[It] will remain committed to continue to prioritize these areas and continue its commitment in developing sustainable communities,” it added
Real estate sales increased 11.4% to P3.02 billion from P2.71 billion due to increased efforts by the company’s marketing arms. The company said that by actively promoting its product offerings, the group was able to attract more customers and expand real estate sales.
Rental income during the quarter rose by 78.6% to P199.69 million from P111.81 million, driven by improved foot traffic in the mall.
“The [company] has focused on enhancing the tenant mix and overall shopping experience, which has resulted in increased revenue from rentals,” it added.
The company’s cost of sales and services rose by 44.2% to P1.04 billion from P720.63 million amid increased real estate sales and rentals.
“The group will continue monitoring its cost structure to ensure sustainable growth and profitability. Exploring strategies to diversify revenue streams and maintaining a prudent approach to borrowing will be essential for the company to navigate these financial factors successfully,” the company said.
Sta. Lucia Land is 81.75%-owned by Sta. Lucia Realty and Development, Inc. Its wholly owned subsidiaries are Sta. Lucia Homes, Inc. and Santalucia Ventures, Inc.
Its shares dipped by 0.3% or P0.01 to close at P3.27 each on Monday. — A. H. Halili