MANILA, Philippines – Sta. Lucia Land Inc. posted core earnings of P300 million in 2013, down 3.6 percent from the P311 million earnings in 2012.
The firm attributed the slight decrease to the decline in commercial lot sales as it moved towards increasing its lease income from these properties.
“Deferred revenue recognition on sales on some of its projects as a result of longer down payment schemes also contributed to the decline,” the listed real estate company said in a disclosure to the stock exchange.
Sta. Lucia said its reservation sales jumped 14 percent to P2.7 billion from P2.4 billion while sold units increased by 23 percent to 1,698 from 1,382.
Mall rental income, meanwhile, dipped slightly by 8 percent due to ongoing renovations at the Sta. Lucia East Grand Mall in Cainta, Rizal.
A new mall, which will have a gross floor area of more than 50,000 square meters, will be integrated to the existing 180,000-sqm mall.
“The opening of the new mall, the thrust to increase lease income by offering the company’s commercial spaces in selected subdivisions nationwide to major retailers along with the budgeted P2 billion capex earmarked for 20 new projects will be the focus for year 2014,” said Sta. Lucia Land Inc. EVP and CFO David dela Cruz.
Sta. Lucia Land launched 14 projects in 2013 and invested in a 12 percent stake in PRCI, a joint venture partner of Ayala Land Inc. in Circuit Market.