SMDC earnings rise 17.5% on higher property sales

Posted at 02/20/13 11:35 AM

MANILA, Philippines (CORRECTED) - SM Development Corp. saw its consolidated net income rise by 17.5% to P4.9 billion in 2012 boosted by real estate sales.

The firm said in a disclosure net income from real estate sales alone summed up to P4.7 billion in 2012 from P4 billion in the previous year.

SMDC noted the number of units sold in 2012 went up 7.6% to 12,614 units from 11,726 units a year ago, while reservation sales increased 20.5% to P31.7 billion from P26.3 billion.

The firm said bulk of the units sold in 2012 belonged to the Shell Residences in the Mall of Asia complex, the Green Residences along Taft Avenue, Jazz Residences in Makati, Light Residences along EDSA, Sun Residences and Grass Residences in Quezon City, and Wind Residences in Tagaytay City.

On Wednesday, SM Prime Holdings Inc. confirmed the SM Group is "studying" merging its mall and property units, including SMDC.