Suntrust Q1 net income soars 66.7%

LISTED Suntrust Home Developers Inc., posted a 66.73-percent increase in its net income for the the back of stronger revenues, the company reported.

Philippine Stock Exchange on Monday, Suntrust said its net in amounted to P10.43 million, up from P6.26 million posted in the same period last year.

by 23.84 percent to P96.50 million from P77.92 in the previous year.

“Total revenues mostly came from management fees, service income and rental income,” Suntrust said.

Meanwhile, the company’s total resources increased by 9.52 percent to P616.69 million from the P563.07 million registered in the previous year.

Suntrust is currently engaged in the leasing business. It also engages in property management of residen estates through its subsidiary, First Oceanic Property Management Inc.

Property giant Megaworld Corp. with a 42.48 percent ownership interest in the company.