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Listed housing developer’s net surges in Q3

Posted on November 21, 2011 10:17:13 PM [ BusinessWorld Online ]

PROPERTY DEVELOPER Sta. Lucia Land, Inc. saw its third-quarter net income surge by more than three times on the back of lower real estate expenses, according to the company’s latest financial statement.

The real estate firm realized a 212% rise in its net income to P128.42 million from P41.94 million last year, even as revenues dropped by 15.83% to P468 million versus P556.58 million due to lower real estate sales.

Nevertheless, total expenses in the third quarter shrank by 30% to P317.72 due to lower cost of real estate sales.

Adding to Sta. Lucia Land’s growth was rental income from its flagship mall, Sta. Lucia East Grand Mall in Cainta, Rizal, that grew by 29.11% to P102.19 million from P79.160 million in the same period last year.

This brought Sta. Lucia Land’s nine-month net income to P428.02 million, a 355.32% hike from P94.84 million incurred last year.

Revenues rose by 15.38% to P1.203 billion versus P1.042 billion in year-ago levels, with rental income for the nine-month period up by 83.14% to P326.44 million from P178.40 million.

Expenses for the January-to- September period fell by 5.34% to P832.96 million versus P879.42 million in 2010.

Sta. Lucia Land’s nine-month results were also boosted by a P77.91-million unrealized gain in stock investment values, the financial statement showed.

Last month, the company announced a joint venture with unlisted real estate firm Revlon Realty Group, Inc. to develop lots into a residential subdivision in Barangay Kaybiga, Caloocan.

Projects include developments in Rizal, Cebu, and Davao provinces, as well as the construction of five residential towers at the back of Sta. Lucia East Grand Mall.

Shares of Sta. Lucia Land sank by 2.56% to P0.76 yesterday from P0.78 at its previous close. -- Franz Jonathan G. de la Fuente
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