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SMDC net income surges with property upswing

02/14/2011 [ tribune.net.ph ]
The SM group’s SM Development Corp. (SMDC) reported a 62.4-percent jump in consolidated net income to P3.02 billion in 2010 from P1.86 billion a year ago.
Of the total, net profit from real estate operations increased by 66 percent amounting to P2.6 billion from P1.5 billion posted during the same period in 2009.
Consolidated revenues reached P10.0 billion, significantly higher by 74 percent, year-on-year while earnings before income tax, depreciation and amortization (Ebitda) amounted to P3.7 billion, for an Ebitda margin of 40 percent.
Meanwhile, the company’s realized revenues from real estate operations during the year climbed 73 percent to P9.1 billion from P5.3 billion in 2009 due in part to the further completion, sustained warm market acceptance of SM Residences and MPlace units, high customer satisfaction for the company’s various projects and favorable economic conditions prevailing in the Philippines during the year.
For the whole of 2010, SMDC pre-sold 10,338 residential units worth approximately P21.8 billion, which increased by 129 percent compared to the same period in 2009. The company’s total assets reached P43.6 billion during the year, 111 percent higher than P20.7 billion in 2009, while its total liabilities stood at P17.9 billion. SMDC’s stockholders equity, on the other hand, amounted to P25.7 billion, up 135 percent from P10.9 billion during the previous year.
SMDC vice chairman and chief executive officer Henry Sy Jr. said 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. Danessa O. Rivera
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