By Zinnia B. Dela Peña (The Philippine Star) Updated February 16, 2010 12:00 AM
MANILA, Philippines - SM Development Corp. (SMDC), the residential property development firm of the family of retail magnate Henry Sy, posted a consolidated net income of P1.8 billion last year, a 31-fold increase from the P56.8 million recorded in 2008, on the back of robust sales and strengthened sales marketing.
In a financial report submitted to the Philippine Stock Exchange, SMDC said consolidated revenues expanded 73 percent to P5.3 billion while earning before interests, taxes, depreciation and amortization (EBITDA) amounted to P2.1 billion for an EBITDA margin of 40 percent.
Net income from its anchor real estate operations alone rose 36 percrent to P1.5 billion as a result of on time construction and completion of projects, and successful cost control efforts.
Last year, SMDC pre-sold a total of 4,892 residential units valued at P10.5 billion, 133 percent higher than the previous year.
“Our motivation grows by the day, encouraged by the enthusiasm and growing acceptance that SMDC is receiving from the market. Our innovative business model and focused strategy are thrusting us toward to a new frontier in Philippine residential development. We are committed to our vision of addressing the aspirations of Filipinos in owning their dream homes that is well within their means. On that note, we sincerely thank our management and staff, our investors, and other stakeholders for a highly productive, profitable, and fulfilling year,” said Roger R. Cabuñag, president of SMDC.
SMDC ended the year with a total of 12 projects from only seven at the start of 2009. Among these projects include the Princeton Residences along Aurora Blvd. in Quezon City; Jazz Residences near Jupiter Rd. in Makati City; the Sun Residences right beside the Mabuhay (formerly Welcome) Rotonda near the Quezon Ave. boundary of Quezon City and Manila; the Light Residences near Pioneer St. in Mandaluyong City; and the Wind Residences along the Emilio Aguinaldo Highway in Tagaytay City.
Its other ongoing projects are Chateau Elysee, a mid-rise condominium project in Parañaque City, which has completed five of its six clusters; Berkeley Residences in Katipunan Rd., Quezon City, which is 63 percent complete; Grass Residences beside SM City North Edsa, which is 58 percent complete with its Tower 1; Sea Residences near the Mall of Asia Complex in Pasay City, which is 38 percent complete with Phase 1; and Field Residences in Sucat, Parañaque, which is 95 percent complete with its Tower 1. Both Mezza Residences, which is just across SM City Sta. Mesa and Lindenwood Residences, a residential subdivision in Muntinlupa City, are 100 percent complete.