REAL estate developer Sta. Lucia Land Inc. saw its nine-month net income grow by 10 percent to P3.16 billion from P2.87 billion a year ago on increased revenues during the period. The company reported that revenues from January to September had jumped by 18.77 percent to P8.76 billion from P7.5 billion, anchored on higher real estate sales and rental income.

Real estate sales climbed by 19 percent to P7.02 billion from P5.9 billion, while rental income rose 18 percent to P572.6 million from P484.5 million.

“The group’s financial performance reflects positive growth driven by intensified marketing initiatives for real estate sales and improved foot traffic in the mall, contributing to rental income,” Sta. Lucia Land said in a disclosure to the stock exchange.

“The group is dedicated to consistently prioritize these areas and uphold its commitment to developing sustainable communities,” it added.

Meanwhile, the costs of sales and services increased by 22.7 percent to P2.16 billion from the previous year’s P1.76 billion, with the increase “directly linked to real estate sales and rentals.”

Interest costs as well as selling and administrative expenses also widened by 24 percent and 25 percent, respectively, the property developer said.

Sta. Lucia Land affirmed a commitment to closely monitor its cost structure to ensure sustainable growth and profitability.

“[T]he company is actively considering strategies to diversify its revenue streams. The group acknowledges the importance of maintaining a prudent approach to borrowing,” it said.

“These efforts are expected to be crucial in successfully navigating the financial challenges presented by these factors.”

Sta. Lucia Land’s total assets amounted to P60 billion as of end-September, while its total liabilities and total equity stood at P33.76 billion and P26.34 billion, respectively.

The company’s portfolio consists of both horizontal and vertical properties nationwide. Its subsidiaries include Sta. Lucia Homes Inc. and Santalucia Ventures Inc.

Sta. Lucia Land shares closed up seven centavos, or 2.19 percent, at P3.27 apiece last Friday amid a 0.33-percent rise in the benchmark Philippine Stock Exchange index.