Sta Lu­cia earn­ings rise 8% in 2016

The Philippine Star - - BUSINESS - By CATHERINE TALAVERA

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.

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