Sta Lucia Land, Inc.’s (SLI) net income in the second quarter doubled to P514.98 million from P259.18 million year on year as revenues for the period also surged by 77%.
In a regulatory filing, the listed property developer reported revenues worth P1.66 billion, up from the P937.97 million it earned last year with higher real estate sales, rental income, and commission income.
For the six-month period, SLI’s net income climbed 90% to P1.44 billion from P757 million a year ago driven by an improvement in revenues.
“Improvement in our financial results was driven basically by sales of residential lots which has shown resilience during the pandemic,” David M. Dela Cruz, chief financial officer at SLI, said in a statement on Tuesday.
Sta. Lucia Land’s revenues amounted to P3.97 billion, 63% higher than its P2.4-billion profits last year. The property developer also noted that the CREATE (Corporate Recovery and Tax Incentives for Enterprises) led to a decrease in its income tax expense, which partially offset a higher cost and operating expenses.
It currently has 115 ongoing projects, 60 of which are located in the CALABARZON region. Meanwhile, 25 developments are in Davao and the rest are located across seven other regions.
The company said since its projects are located outside major business districts, these “have become more practical,” with larger spaces, and are said to be more affordable. These locations are also said to be the “ultimate beneficiaries” of the country’s infrastructure program, which would allow better access to areas across the country.
SLI shares at the stock market closed unchanged at P3.04 apiece on Tuesday. — Keren Concepcion G. Valmonte
