LISTED property developer Sta. Lucia Land, Inc. recorded a 7.5% increase in its first-quarter (Q1)  net income to P1.35 billion from P1.26 billion last year, driven by higher real estate sales.

First-quarter revenue rose by 6.8% to P3.8 billion from P3.55 billion in 2023, Sta. Lucia Land said in a recent stock exchange disclosure.

Real estate sales during the period rose by 5.6% to P3.19 billion from P3.02 billion a year ago. Rental income dropped by 12.6% to P174.53 million from P199.69 million last year.

“The decrease in rental income can be attributed to a reduction in the number of tenants occupying the company’s properties,” Sta. Lucia Land said.

Interest income also fell by 0.74% to P123.95 million compared with P124.88 million in 2023.

“Overall, the group’s financial performance reflects positive growth driven by the introduction of new projects for sale in the market. This strong performance highlights the group’s strategic effectiveness in both expanding its real estate portfolio and enhancing its revenue streams through efficient marketing and sales operations,” Sta. Lucia Land said.

“The company’s new projects for sale have played a significant role in this increase in real estate sales,” it added.

Total costs of sales and services for the first quarter fell by 5.8% to P983.83 million from P1.04 billion last year.

“The group has expressed its commitment to closely monitoring its cost structure to ensure sustainable growth and profitability. To attain this objective, the company is actively considering strategies to diversify its revenue streams,” Sta. Lucia Land said.

“Additionally, the group acknowledges the importance of maintaining a prudent approach to borrowing. These efforts are expected to be crucial in successfully navigating the financial challenges presented by these factors,” it added.

Sta. Lucia Land’s property portfolio consists of residential estates, residential towers, commercial spaces, and golf and country clubs.

Its subsidiaries include Sta. Lucia Homes, Inc. (SLHI) and Santalucia Ventures, Inc. (SVI). SLHI is engaged in property development and construction, while SVI is engaged in marketing and advertising.

On Thursday, Sta. Lucia Land shares fell by 0.65% or two centavos to P3.06 per share. — Revin Mikhael D. Ochave