Sta. Lucia Land’s income more than doubles to P918M

LISTED real estate developer Sta. Lucia Land, Inc. (SLI) recorded P917.75 million in third-quarter attributable net income, more than twice higher than P406.87 million a year ago, on higher revenues.

In the three months ending September, the company’s top line rose 27.9% to P2.27 billion from the P1.78 billion it booked last year.

In the July-to-September period, revenues from real estate units were the largest contributor at P1.49 billion, 5.6% higher than P1.41 billion in the previous year. Costs of sales and services during the quarter decreased by 9.3% to P472.22 million from P520.55 million in 2021.

For the nine-month period, the company’s attributable net income climbed 55.5% to P2.87 billion from P1.85 billion last year.

SLI’s revenues in the three quarters were 30.7% higher at P7.5 billion from P5.74 billion in the same period last year. Reservation sales increased 14% to P6.61 billion from P5.79 billion previously.

The company’s costs of sales and services increased by 2.3% to P1.76 billion from P1.72 billion in the previous year.

“SLI is committed to continue its expansion plans to establish master-planned residential communities for our current and new customers throughout the nation with a focus on provincial growth areas,” the company said in a press release.

SLI is 81.75%-owned by Sta. Lucia Realty and Development, Inc. Its wholly owned subsidiaries are Sta. Lucia Homes, Inc. and Santalucia Ventures, Inc.

On the stock market on Wednesday, shares in SLI closed five centavos or 1.67% higher to P3.05 apiece. — Justine Irish D. Tabile