Property

Santos, Robles suffer 52% drop in H1 profits as Sta. Lucia sales, rent succumb to COVID

Net income of Sta. Lucia property group of bilyonaryos Vicente Santos and Exequiel Robles was slashed by more than half in the first half of 2020.

Sta. Lucia Land Inc. and its subsidiaries posted P259.183 million in profits in the firsts six months of 2020, down by 52 percent from P545.265 million during the same period in 2019.

Total revenues cratered 58 percent to P937 million in the first half this year as real estate sales (down 48 percent to P807 million), rental income (down 77 percent to P48.417 million), commission income (down 99% to P205,000), and interest income (down 70 percent to P39 million).

The group blamed the government‟s implementation of enhanced community quarantine, including the closure of the majority of the mall tenants except for essentials during the lockdown, for its poor performance.

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