PUBLICLY listed Suntrust Home Developers Inc. reported over the weekend a net profit of P20.15 million for the first nine months of 2015, up 72.98 percent from P11.65 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, Suntrust said total revenues grew by 15.70 percent to P260.41 million from P225.08 million a year ago.
Most of the revenues came from management fees, service fees, and rental income, the company said.
Property giant Megaworld Corporation holds a 42.28-percent stake in Suntrust and handles the latter’s administrative functions.
In its disclosure Suntrust said its consolidated financial statements were prepared “on a going concern basis, since Megaworld commits to provide continuing financial support for its operating expenses until such time that (Suntrust) is able to successfully re-start its commercial operations as a real estate developer.”
Suntrust said it is presently engaged in leasing activity or property management of residential and office buildings and private estates through its subsidiary, First Oceanic Property Management Inc. (FOPMI).
It also holds 100 percent of the outstanding shares of stock of CityLink Coach Services Inc., an overland transport company.
Suntrust’s cost and expenses also increased 12.57 percent in the first nine-months’ period to P240.26 million, from P213.43 million a year ago, mainly due to cost of services, operating, and tax expenses.
Total assets of Suntrust grew by 16.69 percent to P573.40 million from the P491.41 million a year ago.