SM residential arm grows profit by 48% in Jan-Sept

ABS-CBN News

Posted at Oct 19 2010 06:31 PM | Updated as of Oct 20 2010 02:32 AM

MANILA, Philippines - Strong sales lifted earnings of SM Development Corp. (SMDC) by 48% in the first 9 months of the year, it said in a statement Tuesday.

The residential property arm of tycoon Henry Sy said consolidated net income for the period January to September rose to P2 billion from P1.4 billion last year.

Net income from real estate operations jumped 43% to P1.6 billion as realized revenues from the same went up 63% to P6.1 billion.

For the first 9 months, SMDC pre-sold 8,040 residential units worth approximately P16.9 billion, representing a substantial year-on-year growth of 122%.

"Our residential condominiums are enjoying brisk sales while construction are ongoing," noted SMDC vice chairman and chief executive Henry Sy Jr.

Sy Jr. said the company is looking to expand in areas outside Metro Manila, and overseas, such as China.

The SM Group currently has mall leasing operations in China, and plans to open 4 more malls in the next 3 years.