Sta. Lucia Land Inc. saw its first half net income surge by 90 percent to P1.44 billion as real estate sales spiked by 63 percent.
Revenues soared by 63 percent as sales from real estate jumped to P3.26 billion.
SLI executive vice president David Dela Cruz said the strong financial performance was largely “driven by sales of residential lots which have shown resilience during the pandemic.”
“As majority of our projects are in the fringes, or in the outskirts of the central business districts and major growth centers, they have become more practical as they offer bigger spaces, more affordable pricing and seen as ultimate beneficiaries of the government’s aggressive infrastructure program which aims to interconnect the entire country”, he said.
Also contributing to SLI’s growth was the 21.4 percent spike in rental income to P273.4 million as the government relaxed quarantine restrictions.
Interest income more than doubled to P188.67 million while commission income went up 11 times more than the P3.17 million recorded a year ago.
SLI, led by its president Exequiel Robles, also benefited from the CREATE law as it incurred lower tax expenses, partly offsetting the increase in cost and operating expenses.
Total assets increased by 26 percent as the company raised new long term debt to refinance its more expensive liabilities.
SLI has a total of 115 ongoing projects, 60 or 51 percent of which are located in the high growth area of CALABARZON.
It also has 25 projects in Davao while the rest are spread out in seven other regions.
SOURCE: Bilyonaryo
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