Suntrust Q1 net income soars 66.7%

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Listed Suntrust Home Developers Inc., posted a 66.73-percent increase in its net income for the first three months of the year on the back of stronger revenues, the company reported.

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In a financial disclosure to the Philippine Stock Exchange on Monday, Suntrust said its net income for the first quarter of 2016 amounted to P10.43 million, up from P6.26 million posted in the same period last year.

Total revenues of the firm rose by 23.84 percent to P96.50 million from P77.92 in the previous year.

“Total revenues mostly came from management fees, service income and rental income,” Suntrust said.

Meanwhile, the company’s total resources increased by 9.52 percent to P616.69 million from the P563.07 million registered in the previous year.

Suntrust is currently engaged in the leasing business. It also engages in property management of residential and office buildings and private estates through its subsidiary, First Oceanic Property Management Inc.

Property giant Megaworld Corp. is a major stockholder of the firm with a 42.48 percent ownership interest in the company.

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