SMDC Posts P2.7-B Quarter Profit
Thursday, August 2, 2012
Source: Manila Bulletin By James A. Loyola
MANILA, Philippines — SM Development Corporation (SMDC), the residential property arm of the SM Group, reported that its 2012 first half consolidated net income increased by 38 percent to P2.7 billion as home sales surged by 85 percent to P19.8 billion.
In a disclosure to the Philippine Stock Exchange, the firm said that the number of units sold in the first semester rose sharply by 72 percent to 8,007 from only 4,655 units during same period last year.
Revenues from real estate rose 73.6 percent to P11.9 billion while net income from real estate for the six months ended June 30, 2012 grew 31.8 percent to P2.51 billion.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also rose by 32.6 percent to P2.97 billion translating to an EBITDA margin of 25 percent.
“We are highly gratified by the warm response that the market continues to give to SMDC’s products. Our homebuyers encourage all of us to work even harder to match their expectations or even exceed them in terms of quality, lifestyle and convenience,” said SMDC vice chairman and chief executive officer Henry T. Sy, Jr.
He added that “SMDC’s residential condominiums are being designed and developed to cater to the Filipino’s growing need for privacy, sophistication, and greater access to retail and home-related services which offer greater convenience and time for families to live a more balanced life.”
All of SMDC’s projects are conveniently located near malls, transport hubs, and schools. They provide amenities such as swimming pools, hotel-like lobbies, and function rooms which, in the past decades, were beyond the reach of mid-range homebuyers.
Most of the units sold in the first half were from Shell Residences located at Mall of Asia Complex, Green Residences along Taft Avenue near De La Salle University, Jazz Residences in Makati, Light Residences along EDSA near Boni Avenue., Sun Residences in Quezon City’s Welcome Rotunda, Wind Residences in Tagaytay and Grass Residences beside SM North EDSA.
At present, SMDC has a total of 16 projects under construction and may start five more on the second half of 2012.
