In a regulatory filing, the property developer said its first quarter net income reached P200.7 million, higher than the P189.45 million recorded in the same period in 2016.
Revenues slipped 2% to P777.54 million in the January to March period, from P792.06 million a year ago, due to “the mix of horizontal and vertical inventories sold this year.”
“The group sold high volume of horizontal than vertical projects this year compared to last year’s same period,” the company said.
Sales in real estate through Sta. Lucia Homes, Inc. slowed by 9% to P447.75 million due to a higher base in 2016. Higher occupancy rates in Sta. Lucia Mall, meanwhile, boosted rental income by 12% to P269 million.
Meanwhile, costs and expenses fell by 6.23% year on year to P491 million, as more horizontal projects with lower costs were recognized this year.
Shares in SLI were down by two centavos or 2% to close at 98 centavos apiece on Monday.