STA. LUCIA LAND, Inc. has expressed optimism about the expansion of the residential real estate sector, even with the existing health crisis.
David M. Dela Cruz, Sta. Lucia executive vice-president and chief financial and risk officer, said that even with the decline in real gross domestic product and the contraction of overall activity, the company “displayed continued reliance in its operational and financial performance.”
The subdivision developer said in a stock exchange disclosure on Wednesday that its third-quarter net income increased 16.5% to P1.3 billion. It described its financial performance as a “testament to the resiliency” of the company “and the overall horizontal residential real estate sector.”
Sta. Lucia has projects in areas all over the Philippines, including Rizal, Laguna, Cavite, Batangas, Bulacan, Pampanga, Tarlac, Baguio, Palawan, Bacolod, Iloilo, Cebu, and Davao.
“Its strong balance sheet, coupled with its well-positioned project portfolio, was able to weather the worst of the crisis and is ready to capitalize on opportunities once recovery is underway,” Mr. Dela Cruz said.
The property developer is currently overseeing 99 ongoing projects, adding up to 1,617 hectares as of December 2020. It also has 935 hectares under its belt available for future development.
Sta. Lucia shares at the stock exchange declined by 6.87% on Wednesday, closing at P2.17 apiece. — Kaycee G. Valmonte