Sta. Lucia Land Inc. posted a lower net income of P1.37 billion in the first six months of 2026, down 8 percent from P1.49 billion a year earlier, as weaker property sales and other income offset significant reductions in operating expenses.
The listed property developer’s total revenue fell 9 percent to P4.34 billion from P4.74 billion, with real estate sales declining to P3.15 billion from P3.32 billion. Commission income plunged to P8.1 million from P122.5 million, while interest income dropped to P255.7 million from P341.7 million.
Rental income provided a bright spot, rising to P407.2 million from P372.9 million as the company expanded its recurring income base.
Sta. Lucia Land partly cushioned the revenue decline through tighter cost management. Selling and administrative expenses fell to P537.3 million from P787.5 million, led by lower commissions, taxes, salaries, and other administrative costs.
Cost of real estate sales also declined to P666.4 million from P730.8 million, helping support profitability despite weaker sales.
Still, interest expense rose to P972.8 million from P943 million, reflecting higher borrowings and prevailing financing costs. As a result, income before tax slipped to P1.83 billion from P1.98 billion.
The company’s total comprehensive income likewise declined to P1.32 billion from P1.36 billion, partly due to a P56.6-million unrealized loss on financial assets measured at fair value through other comprehensive income.
Despite the softer earnings, Sta. Lucia Land’s balance sheet expanded, with total assets rising 3 percent to P72.71 billion as of end-June from P70.64 billion at end-2025.
The company said it is pursuing revenue diversification while maintaining a prudent approach to borrowing as it seeks to strengthen profitability and financial resilience.
