Rizal—(PHStocks)—Sta. Lucia Land Inc. (PSE: SLI) net income increased by 83% year-on-year from PhP300 million to PhP548 million. The 80% growth of its real estate revenues contributed to this increase, from PhP801 million in 2013 to PhP1.445 billion for the same period in 2014. Majority of the growth came from the sales of Colinas Verdes Residential Estates (San Jose Del Monte, Bulacan), Monte Carlo Tower – Sta Lucia Residenze (Cainta, Rizal), Greenmeadows (Pavia, Iloilo) and Ponte Verde (Davao City).
Net rental income from the mall increased slightly by 3.4%, from PhP247 million to PhP255 million. The increase due to the opening of the mall expansion was slightly offset by increased structural upgrades and improvements expensed in the existing one.
As a result, Earnings per share increased by 128% from PhP0.028 to PhP0.064 due to the increased income as well as the booking of treasury shares. Gross profit margins on real estate sales remain at 47% for both years while net income margin slightly increased from 22.6% to just under 24%.
Total assets remain relatively flat, from PhP17.1 billion to PhP17.8 billion while equity accounts decreased by 3% due to the restructuring of certain intercompany accounts by way of the treasury shares. Total debt to equity ratio stood at 0.52 while bank loans to equity, despite the 16% increase in bank borrowings, remain at a low of 0.27. Book value per share increased by 23% from PhP1.119 to PhP1.373.
SLI currently has a total of 43 ongoing projects to date and continues to concentrate on building large scale master planned subdivision communities in nearby provinces and emerging cities.