LISTED Sta. Lucia Land, Inc. saw a 10.1% drop in its third-quarter net income to P906.78 million from P1.01 billion a year ago on lower revenue.

Third-quarter revenue fell by 5.6% to P2.75 billion from P2.91 billion in 2023, Sta. Lucia Land said in a stock exchange disclosure last week.

Real estate sales dipped by 24.5% to P1.79 billion while rental income increased by 4.8% to P193.19 million.

For the first nine months, Sta. Lucia Land grew its net income by 4.4% to P3.3 billion from P3.16 billion last year.

Revenue rose by 7.4% to P9.37 billion as real estate sales during the period climbed by 0.92% to P7.09 billion.

“This growth stemmed from the successful launch of new projects for sale, which were well-received in the market and reinforced the group’s position in the real estate sector,” Sta. Lucia Land said.

Rental income fell by 3% to P555.45 million amid the 9% increase in cost of rental income due to higher maintenance and operational expenses to ensure the quality and appeal of the company’s rental properties.

“Overall, the group’s financial performance highlights a strong growth trajectory, driven by its diversified revenue streams and strategic introduction of new real estate projects,” Sta. Lucia Land said.

Sta. Lucia Land’s portfolio consists of developments with residential, commercial, leisure, and retail assets.

Some of its projects include the Alta Vista Tagaytay residential estate in Cavite, Centro Verde Calamba residential estate in Laguna, Sta. Lucia Mall in Cainta, Lakewood City Cabanatuan Golf and Country Club, South Pacific Golf and Country Club in Davao City, and the SotoGrande Palawan residential tower in Puerto Princesa City.

Sta. Lucia Land shares were last traded on Nov. 22 at P2.87 per share. — Revin Mikhael D. Ochave