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Sta. Lucia reverses losses with new assets

Wednesday, August 19, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]


LISTED PROPERTY developer Sta. Lucia Land achieved a turnaround in the first half as the company was able to book revenues from new assets, and due to continued demand for new homes from migrant workers.

Unaudited financial statements submitted to the Philippine Stock Exchange showed that Sta. Lucia earned a net income of P11.2 million from January to June, from a loss of P176.54 million last year.

Revenues more than doubled to P119.14 million from P52.25 million, with revenues from real estate sales and mall operations.

Sta. Lucia cut its operating expenses to P106.2 million from P228.8 million last year following the completion of a reorganization scheme.

The property developer, headed by businessman Exequiel D. Robles, said demand for real estate remains steady especially among migrant workers.

Sta. Lucia noted that income from mall operations were subdued in the first half as the economic situation has curtailed consumer spending, but there should be an improvement in the third quarter.

Sta. Lucia Land said it had acquired 12.59 million square meters of property due to the infusion of 26 projects by predecessor Sta. Lucia Realty & Development, Inc.

"The disposal of the infused properties is at a steady pace since the first quarter of 2008 and sales turnout has been positive despite the crisis," the company said.

The company’s shares closed P0.02 lower at P0.78 apiece yesterday.

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