Listed property developer Sta. Lucia Land Inc. (SLI) posted a 17 percent decline in its net income for the first three months of the year on the back of lower real estate revenues.
In a financial report to the Philippine Stock Exchange, SLI reported that its net income in the first quarter of the year dropped to P189.4 million from last year’s P228.1 million.
Gross revenues in the period fell by 11 percent to P792 million from P893 million in the same quarter last year.
The company attributed the decline to the “significant real estate revenues posted in the first quarter of 2015 related to new license to sell (LTS) of projects processed in the same period.”
In contrast, the firm reported that rental revenues from its mall operations segment posted a 19 percent increase to P240.2 million from last year’s P202.1 million, mainly driven by the internal restructuring of the mall management.
Cost and expenses of the company dropped by 8 percent to P523.4 million from last year’s P568.9 million.
“This is mainly due to the significant decrease in sales cost relative to the decrease in sales recognized for the first quarter of 2016 as compared to last year,” the firm said.
Total assets of the group slightly inched up during the period by 2 percent to P21.9 billion from last year’s P21.4 billion, while total liabilities also increased by 4 percent to P9.05 billion from P8.7 million posted last year.