Sta Lucia Land Inc.’s (SLI) net income increased by 90% during the 1st half of 2021 at PHP 1.438 billion compared to PHP 757 million for the 1st half of 2020.
The increase was due to the 63% increase in revenues from PHP 2.4 billion to PHP 3.9 billion while the decrease in income tax expense due to the CREATE law partially offset the increase in cost and operating expenses.
Gross rental income from the mall increased by 21%from PHP 225 million to PHP 273 million as quarantine conditions partially eased up in the 1st half of 2021.
Total assets increased by 26% due to the temporary increase in cash as the company raised new long term debt to refinance its more expensive liabilities.
Total equity meanwhile increased by 13% as the company continues to plow back earnings to finance its growth plans.
“Improvement in our financial results was driven basically by sales of residential lots which has shown resilience during the pandemic,” says David Dela Cruz, SLI EVP and CFO.
“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 added.
SLI has a total of 115 ongoing projects, 60 or 51% 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 7 other regions.