Sta Lucia earnings rise 8% in 2016
Property developer Sta. Lucia Land Inc. (SLI) reported a net income of P730 million last year, up eight percent on higher real estate sales.
In a financial report to the Philippine Stock Exchange, SLI said gross revenues increased by six percent to P3.3 billion as real estate sales grew 12 percent to P1.89 billion.
Rental revenues decreased by 13 percent to P852 million due to change in accounting of income from mall tenants from accrual to cash basis, the company said.
SLI spent P3.9 billion for project and capital expenditures last year, of which 37.2 percent was used for acquisition of raw lands for new residential and condominium project developments.
The company beefed up its project pipeline in 2016 as it acquired and partnered with landowners for properties amounting to 937 hectares.
Last February, SLI acquired eight more properties measuring 10.03 hectares, and sealed nine joint venture agreements for the development of 139.28 hectares of land in emerging cities such as Cavite, Batangas, Rizal, Palawan, Iloilo, Cebu and Davao.
“This brings to a total of 1.493 million square meters of joint venture agreements and land acquisitions of developable properties as SLI to continues its strategic nationwide landbank expansion to start year 2017,” the company said.