Sta. Lucia Land end-June ’14 net income rises 155%

MANILA, Aug 14 (PNA) — Higher revenues, partly boosted by rental revenues, resulted to the 155 percent increase in the net income of Sta. Lucia Land, Inc. (SLI) in the first six months of 2014.

In a disclosure with the Philippine Stock Exchange (PSE) Thursday, the property developer reported a P307 million net income in the first half of the year, way higher than the P120 million it posted same period last year.

”The 70 percent improvement of its real estate revenues along with the steady seven percent increase in rental revenues contributed to this growth,” it said.

The disclosure attributed the robust income growth to the various projects of the company namely the Colinas Verdes in Bulacan, Greenmeadows in Iloilo, Ponte Verde in Davao, Sta Lucia Residenzes 1 Monte Carlo in Cainta, Rizal; East Bel-Air 1 & 2, in Cainta, Rizal; Palo Alto in Rizal, Neopolitan Commercial in Fairview, Bauan Grand Villas in Batangas, Luxurre Residences in Cavite, Greenmeadows in Tarlac, La Huerta in Laguna, Sugarland Estates in Cavite and South Grove in Davao.

Aside from these projects, the company still have additional projects to support growth.

These projects are the 15-storey SotoGrande Hotel Suites condotel project in a 60-hectare area in Davao Riverfront, two new Joint Venture projects that will be located in a 7.7 hectare project in Dagupan, Pangasinan; a project in Cainta, Rizal that will be located in an eight-hectare property; and three land acquisitions in Batangas City (9.3 hectares), Batangas City (three hectares) and Taytay, Rizal (6.3 hectares).

The company added that its new mall, which has a total of 14,000 square meter land area, is projected to contribute to SLI’s income in the third quarter of the year. (PNA)