MANILA, Philippines – Sta. Lucia Land Inc. (SLI) grew its earnings nearly a fourth in the first three months of the year on the back of higher real estate sales.
In a regulatory filing, SLI said its net income climbed 23 percent in the first quarter to P228 million from P185 million in the same period last year.
The company attributed the higher income to a 61-percent growth in revenues it saw during the quarter at P894 million.
SLI said gross revenues from real estate sales rose 45 percent year-on-year to P614 million.
“The growth was mainly driven by robust sales in horizontal and vertical projects,” SLI said.
To sustain its growth momentum for the rest of the year, SLI said it would continue to develop projects nationwide including locations such as Davao, Rizal, Batangas, Laguna and Pasig City.
As one of the country’s largest subdivision developers with presence in 10 regions across the country, SLI said it currently has a total of 43 ongoing projects in various stages.
The company earlier this year reported acquisitions of properties in Batangas and Iloilo with a combined size of 34.53 hectares as well as 16 joint venture agreements in Davao, Rizal, Pasig, Batangas and Laguna for properties having a combined size of 142.33 hectares.