LISTED property developer Sta. Lucia Land, Inc. (SLI) reported a 31% drop in first-quarter net income to P938.05 million from P1.35 billion a year earlier, as real estate sales declined.
In a regulatory filing, SLI said total revenues fell by 31% to P2.63 billion in the January-to-March period from P3.8 billion a year ago.
Real estate sales dropped by 40% to P1.92 billion due to softer demand.
“The 40% decrease in real estate sales is due to the group’s lower take-up of real estate units caused by the sluggish demand in the Philippine real estate market in the first quarter of 2025,” SLI said.
Rental income rose by 3% to P180.35 million, while interest income increased by 12% to P139.18 million.
Total cost of sales and services declined by 45% to P542.58 million, reflecting the decrease in real estate and rental income.
Despite the weaker financial performance in the first quarter, SLI said it remains optimistic about its growth prospects.
“The group’s financial performance highlights a strong growth trajectory, driven by its diversified revenue streams and strategic introduction of new real estate projects,” it said.
“These efforts have not only enhanced the group’s market relevance but also reinforced its financial stability, paving the way for sustained success,” it added.
In February, SLI announced plans to launch more than 20 projects nationwide this year, with a primary focus on the residential subdivision segment.
The company said it intends to launch three projects in Iloilo, five in Mindanao, and a hotel and condotel in Baguio.
SLI shares were last traded on June 13, down by 0.4% or one centavo at P2.52 apiece. – Revin Mikhael D. Ochave
