By Zinnia B. Dela Peña Updated May 04, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - After a restructuring move and the infusion of over P10 billion worth of properties from its parent firm, Sta. Lucia Land Inc. is readying a slate of new projects to ensure long-term revenue growth and ultimately sustain profitability.
In a filing with regulators, Sta. Lucia Land said it has a “long lineup of developmental activities for 2009” which include residential subdivisions, golf courses and communities, resorts, condominiums, sports and country club estates and commercial centers.
Given a broader capital structure, Sta. Lucia Land said it is seeking to be at par or even surpass the achievements of its predecessor-parent firm, Sta. Lucia Realty Development Inc. (SLRDI).
The reorganization was intended to strengthen and improve Sta. Lucia Land’s foothold in the local property market.
Last year, Sta. Lucia Land started to penetrate the residential condominium market with developments in Tagaytay, Cebu and Quezon City, which are located in either resort or residential areas.
Sta. Lucia Land has in its portfolio a total of 1.77 million square meters of residential, commercial and mixed use properties from the 26 properties infused by SLRDI. These assets are expected to increase with the infusion of additional joint venture projects by the parent firm.
Plans are underway for the disposal of these properties which will enhance the sales figure and bottom line of the company.
SLRDI is one of the country’s biggest in terms of the scope of its development, having developed more than 9,000 hectares of land nationwide.
“Along with the cash that will be generated from the disposal of infused properties as well as a possible follow-on offer of shares, the registrant is expected to have a sustainable level of liquidity in the following years,” Sta. Lucia Land said.
Sta. Lucia Land reported a net income of P31.29 million last year, down 73.7 percent from P118.8 million in 2007, as surging expenses clipped the firm’s earnings growth.
Cost and expenses shot up to P600.29 million as against P35.02 million a year earlier.
But from a meager P6.67 million in 2007, revenues jumped to P617.89 million due to the sale of some assets.
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