MANILA, Philippines - SM Development Corp., the residential property arm of the Sy-led SM Group, saw a 33% jump in its consolidated net income in the first quarter of 2012.
In a statement, SMDC said it posted a consolidated net income of P1.21 billion for the January to March period, versus P0.92 billion during the same period in 2011. This includes P1.14 billion in net profits from real estate operations, a 22% growth from the previous year.
There was strong take-up at SMDC's various residential condominium projects. The company said it pre-sold 3,684 condominium units in the first quarter, 51% higher than the same period in 2011. The pre-sold units were valued at P8.97 billion, which were double the company’s sales target for the quarter, and 59% more than the same period in 2011.
Consolidated revenues surged 72% P5.83 billion in the first quarter of 2012. Of the amount, P5.61 billion was revenues from real estate operations, which also grew 72% from P3.26 billion in 2011.
“We are very pleased to report that in the first quarter of 2012, SMDC far exceeded its pre-sales target. It reinforces our belief that the Philippines continues to have a huge underserved residential market that longs for affordable homes, a better lifestyle, and the conveniences of strategically located residences," said SMDC vice chairman and chief executive officer Henry Sy, Jr.
SMDC currently has 15 residential projects under its SM Residences brand and two projects under its M Place brand. This year, the company is launching 5 more new residential condominium projects in Metro Manila.