Vol. XXII, No. 22 [ BusinessWorld Online ]
Tuesday, August 26, 2008 | MANILA, PHILIPPINES
NET LOSS of listed Sta. Lucia Land, Inc., formerly Zipporah Realty Holdings, Inc., went up more than 200 times in the second quarter due to expenses from its recent capital hike, the company’s unaudited financial statement showed.
Sta. Lucia, which went public last year by acquiring listed Zipporah Realty, said the expenses covered organizational costs, taxes and license fees needed for the capital infusion by Sta. Lucia Realty Development, Inc.
The property firm posted a net loss of P91.53 million in the second quarter from only P403,342 a year earlier.
This brought the company’s first-half net losses to P176.54 million, about 130 times bigger than what it posted during the same period last year.
Sta. Lucia Land recorded P52.25 million in sales from property projects in Makati.
The company earlier raised its capital stock to P16 billion from P2 billion.
Sta. Lucia Land is developing more than 12 million square meters of property worth P10.72 billion, which it received from Sta. Lucia Realty in December in exchange for P10 billion worth of shares.
Earlier this year, the property company said it was spending P2 billion this year for its condominium projects in Tagaytay and Quezon City. — D.G.K. Carreon
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