Listed property developer Sta. Lucia Land Inc. announced on Monday a net income of P514.2 million in the first nine months of 2015, higher by 51 percent than in the same period last year.
In a disclosure to the Philippine Stock Exchange, Sta. Lucia said its net income grew from its recorded figure of P339.8 million a year ago “due to a change in internal operations.”
The firm’s consolidated revenues stood at P2.25 billion, a 48-percent increase from the P1.52 registered in the same period last year.
The company said the bulk of the revenues was under real estate sales, which increased by P295.5 million from that of last year.
“Increase in real estate sales was driven by strong performance in SLI’s property segment,” said Sta. Lucia Land.
It added that its rental income skyrocketed by 172 percent to P713.5 million from the P262.7 million recorded last year.
It added that for 2015, it spent P1.51 billion for project and capital expenditures (capex), which is eight percent higher than what it spent in 2014.
It said P1.36 billion of the total capex was spent on the development of the company’s residential and commercial projects, while the rest was used for land banking purposes.
“For 2016, the company earmarked more than P2 billion for its project and capital expenditures, largely for the development of its ongoing projects and launching of new projects,” the company said. Catherine Talavera