SM Development Corporation reports 116% increase in 2008 Net Income
Philippine property developer SM Development Corporation (PSE:SMDC) has reported a P1.1-billion (US$22.6 million) net income for 2008 or 116 per cent better than the P13 million posted the previous year.
SMDC, in a disclosure to the Philippine Stock Exchange (PSE), also reported that its gross profit on real estate sales reached to P1.7 billion or double those posted in 2007.
Realized revenues from real estate operations surged 56 per cent to P3.1 billion, brought about by the strong sales uptake of the Grass and Berkeley Residences, coupled with the higher completion rates of Mezza Residences and the completion of cluster six of Chateau Elysee, the company further said.
It also reported that for the whole of 2008, it has sold a total of 2,622 residential units worth P5.1 billion.
SMDC noted this is a 28-percent increase in the number of units sold in 2007.
“We are pleased by the continued growth in our core business of residential development. Notwithstanding the challenging operating environment we are in, we foresee our residential business to be highly competitive in the market,” said SMDC president Roger R. Cabuag.
“We will therefore vigorously pursue our selling activities, and at the same time keenly monitor cost efficiencies. We are also committed to deliver the best quality of homes to our customers at the shortest possible turnaround time,” said Cabuag.
SMDC has five on-going projects. Chateau Elysee, a six-cluster mid-rise condominium project in Paraaque City, is now in its fifth cluster, which is five per cent completed.
Mezza Residences across SM City Sta. Mesa is 95 per cent complete with two of its towers due for turnover to homebuyers this March.
Berkeley in Katipunan Road across Miriam College is 22 per cent complete, and Grass Residences beside SM North EDSA is 24 per cent complete with its phase one.
Lindenwood Residences, which is a residential subdivision in Muntinlupa City, is 99 per cent complete.
In 2008, SMDC broke ground for two more condominium projects: the Sea Residences near the Mall of Asia Complex in Pasay City and Field Residences in Sucat, Paraaque City. Both these projects are seeing very strong demand from the market.
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