Real estate developer Sta. Lucia Land Inc. said its first-half net income increased 90% to 1.43 billion pesos from last year’s 757 million pesos.
The company attributed this to the 63 percent rise in revenue to 3.9 billion pesos from the 2.4 billion pesos last year. He said the reduction in his income tax burden due to the Law on Business Recovery and Tax Incentives for Businesses had offset the increase in costs and operating expenses.
The mall’s gross rental income rose 21% to 273 million pesos from 225 million pesos, as quarantine restrictions were partially relaxed during the period.
Total assets increased 26% due to the temporary increase in cash flow as the company took on new long-term debt to refinance its more expensive liabilities. Total equity, meanwhile, rose 13% as it continues to reinvest its profits to fund its growth plans, the company said.
“The improvement in our financial results was mainly due to sales of residential land which proved to be resilient during the pandemic,” said David Dela Cruz, chief financial officer of the company.
“As the majority of our projects are located on the fringes or on the outskirts of central business districts and major growth centers, they have become more practical because they offer larger spaces, more affordable prices and are seen as the beneficiaries. end of the government’s aggressive infrastructure program. which aims to interconnect the whole country.
Sta. Lucia has a total of 115 projects underway, 60 or half of which are located in the high growth area of Cavite, Laguna, Batangas, Rizal and Quezon provinces. The company, whose developments are mainly located in second and third tier municipalities, has 25 projects in Davao while the rest are spread across seven other regions.
The sta. Lucia Group is also one of the leading golf course developers in the Philippines, having developed the largest number of golf courses in the country. He also developed the 10.5 hectares of Sta. Lucia East Grand Mall in Cainta, Rizal.