SM Devt Corp. says H1 consolidated net income up 38%

SM Development Corp. (SMDC) posted P2.7 billion in first half-consolidated net income, up 38 percent from a year earlier.

 

“Financial performance for the period remained very strong,” SMDC said in a disclosure issued to the Philippine Stock Exchange on Wednesday.

 

Revenues from real estate rose 73.6 percent to P11.9 billion, pushing net income 31.8 percent higher to P2.51 billion.

 

Its net income was boosted by sales of residential units, which surged by 85 percent to P19.8 billion during the same comparable period. The company sold 8007 residential units in the first six months, from 4,655. 

 

Earnings before interest, taxes, depreciation and amortization jumped 32.6 percent to P2.97 billion, reflecting a 25-percent margin, the company said.

 

“We are highly gratified by the warm response that the market continues to give to SMDC’s products,” said SMDC vice chair Henry Sy. 

 

“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,” he added. — MJC/VS, GMA News