SMDC profits surge 62% to P3-B in 2010


Posted at Feb 11 2011 08:06 PM | Updated as of Feb 12 2011 04:06 AM

MANILA, Philippines - SM Development Corp announced a consolidated net income of P3 billion in 2010, a sharp 62% increase from the previous year's.

Favorable economic conditions and strong take up of residential properties hiked consolidated revenues to P10 billion, a hefty 74% hike from 2009's.

Real estate operations contributed P9.1 billion in revenues and P2.6 billion in profits, thanks to new offerings, including SM Residences and MPlace units.

SMDC earned P21.8 billion from pre-sold residential units in 2010. The 10,338 number of units reflected a 129% increase from the previous year's.

"The strong results achieved by SMDC in 2010 attest to the proven viability of its business model, which is to provide high quality residences in strategic locations at affordable price points," SMDC vice chairman and chief executive officer Henry Sy, Jr. said in a statement.

Currently, SMDC has a portfolio of 14 residential projects, 13 of which are in Metro Manila and one in Tagaytay City.

SMDC plans to unveil 5 new projects this year.