Strong sales boost SMDC's H1 earnings

ABS-CBN News

Posted at Aug 02 2010 06:25 PM | Updated as of Aug 03 2010 02:31 AM

MANILA, Philippines - Property developer SM Development Corp. (SMDC) reported a 24% rise in its first half net income to P1.3 billion, owing mainly to strong real estate sales.

Realized revenues from real estate operations during the period surged 77% to P4.1 billion, while net recurring income from the same grew 47% to P1.1 billion.

Pre-sales in the first 6 months also soared 210% to P12.4 billion due to the strong take-up of residential condominium projects launched late last year.

“SMDC's healthy and dynamic performance during the first half of the year is a result of the dedicated service of the SMDC team and the market's strong acceptance of our product offerings," said company vice chairman Henry Sy Jr.

SMDC currently has 13 residential projects in the market.

In June, the company unveiled My Place South Triangle along Panay Avenue in Quezon City. This project targets a younger market, composed mostly of mobile young adults who want to experience independent living.