SMDC's earnings rise by half

Higher revenues and extraordinary gains buoyed the net income of SM Development Corp., the property arm of the SM Group, in the nine month period ending September. SMDC told the Philippine Stock Exchange on Wednesday that its net income rose 51 percent to P3.1 billion as revenues from real estate operations jumped 86 percent to P11.3 billion. Also, net income from the core business of real estate operations expanded 91 percent to P3 billion. "The company's net income growth from real estate operations this year is higher compared to that of consolidated net income of last year due to a non-recurring gain from disposal of securities in previous year. Strong sales take up of the company's residential condominium projects coupled with expected construction completion rates contributed significantly to SMDC's positive results," the company said. SMDC sold about 7,900 residential units worth about P17.6 billion during the period. As of end-September 2011, SMDC has 16 residential projects in the market. Fully completed projects are Chateau Elysee, Mezza Residences, Lindenwood Residences, Berkeley Residences, Grass Residences Tower 1, Field Residences Tower 1, 2 and 8 and Sea Residences Phase 1. The company’s on-going projects are Grass Residences Towers 2 and 3, Sea Residences Phases 2 and 3, Field Residences Tower 3 and 7, Princeton Residences, Light Residences, Jazz Residences, Sun Residences, Wind Residences, Blue Residences, and M Place@South Triangle. Launched earlier this year were M Place@Ortigas, and Mezza 2 Residences. For the rest of 2011, two more new residential condominium projects will be launched, Green Residences beside La Salle Taft Avenue in Manila and Shell Residences in MOA Complex, Pasay City. In 2012, SMDC is targeting to launch at least five more projects. - CMA/OMG, GMA News