Sta. Lucia Land Posts 362% Jump in Core Income for 1Q14

Rizal—(PHStocks)—Sta. Lucia Land Inc. (PSE: SLI) has announced record first-quarter results with revenues of PhP556 million, a 94% improvement over the same period last year. Real estate revenues were PhP425 million, which was a 137% improvement while rental income of PhP100 million was a steady 14% growth. As a result, core income of PhP185 million for the quarter was a 362% year-over-year improvement compared to PhP40 million in the same period last year.

“We are pleased to report solid growth for the first quarter,” said Jeremiah Pampolina, VP Corporate Planning. “We achieved this growth through the continuous development of projects along with the recognition of deferred revenues from previous years projects.”

Majority of the growth contribution came from the following projects: Colinas Verdes (Bulacan), Greenmeadows (Iloilo), Ponte Verde (Davao), East Bel-Air 1 & 2 (Cainta, Rizal), Palo Alto (Rizal), Neopolitan Commercial (Fairview), Bauan Grand Villas (Batangas), Luxurre Residences (Cavite), Greenmeadows (Tarlac), La Huerta (Laguna), Sugarland Estates (Cavite) and South Grove (Davao).

To sustain this growth momentum, the Company is on track to launch the planned 20 new projects for the year. In addition, its retail operations will significantly contribute to its bottom line with the opening of the new mall located at the Sta Lucia East Grand Mall complex in Cainta, Rizal.