Vol. XXII, No. 185 [ BusinessWorld Online ]
Thursday, April 23, 2009 | MANILA, PHILIPPINES
LISTED PROPERTY developer Sta. Lucia Land, Inc. said it would proceed with caution in pursuing real estate projects this year, deferring a plan to sell more shares to rely more on internal cash for operations given the economic conditions.
In a financial report submitted to regulators, the firm — which ended 2008 with P129.36 million in cash and cash equivalents — said it would not depend completely on credit for its operations and would focus on selling existing projects.
Sta. Lucia Land, headed by businessman Exequiel D. Robles, said it has 1.77 million hectares of disposable properties in 26 residential, commercial, and mixed-use projects, which can all be sold in three to four years.
The property developer expects sales to get a boost from four "horizontal development" projects and condominiums in Tagaytay, Cebu and Quezon City.
Sta. Lucia Land also said it would focus marketing efforts in the Middle East to boost sales.
The firm, which took over inactive Zipporah Realty Holdings, Inc. in late 2007, recorded a net loss of P31.29 million in 2008 from P118.80 million in profits the previous year. As a result, earnings per share went down to P0.039 from P0.0149 in 2007.
Sta. Lucia Land shares closed at P0.75 last Friday, equivalent to P19 for every P1.00 of earnings. — D.G.K. Carreon