SMDC profits up 5.7% as of Sept driven by condo sales
MANILA, Philippines - Property firm SM Development Corp. booked higher profits as of September driven by strong sales of residential condominium units during the period.
In a statement, SMDC said its consolidated net income in the nine months to September grew by 5.7% to P3.3 billion from a year ago.
Earnings were driven by a 42.7% surge in revenues from real estate sales to P16.1 billion in January to September from P11.3 billion in the same period last year.
The firm said most of the units sold during the period were from its Shell Residences in the Mall of Asia Complex in Pasay, Green Residences along Taft Avenue, Jazz Residences in Makati, Light Residences along EDSA, Sun Residences in Quezon City, and Wind Residences in Tagaytay.
"SMDC's projects have been very well received by the market because of their quality, affordability, location, and also because they offer amenities that had until recently been unavailable to mid-range buyers, including swimming pools, function rooms, and well-appointed, hotel-like lobbies," the firm said.