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SMDC adds to project launches after reporting higher 1H profit

[ manilatimes.net ]
Published : Thursday, August 04, 2011 00:00
Written by : Krista Angela M. Montealegre

SM Development Corp. (SMDC) hiked its project launches after reporting robust earnings in the first six months of the year.
In a disclosure to the Philippine Stock Exchange, the residential arm of the SM group said it would roll out another project in ParaƱaque on top of its five planned launches in Pasig, Quezon City, Pasay and Manila.

“If we can do it this year, we’ll do it,” said Jose Gabionza, SMDC vice president.

The five new residential projects slated for launch this year under its SM Residences and MPlace brands are MPlace Ortigas, Green Residences beside De La Salle University in Taft Avenue, Shell Residences in the Mall of Asia complex in Pasay City, Grass Residences Premiere in Quezon City, and the second tower of Mezza Residences in Santa Mesa, Manila.

SMDC reported that its consolidated net income rose by 54 percent to P1.93 billion in the first half of this year from P1.25 billion in 2010.

Consolidated revenues increased by 65 percent to P7.14 billion from P4.33 billion last year. Revenues from its real estate operations grew at a faster pace of 67 percent to P6.86 billion from P4.11 billion in 2010.

The company’s strong sales record and the increased momentum in the construction of its various projects in Metro Manila and Tagaytay City sustained its earnings performance.

Its pre-sales activity remained robust in the first half as SMDC pre-sold 4,936 residential units worth approximately P10.7 billion.

“The highly favorable results of SMDC reflect the success of the business model that we have developed within the group. We have set a course that serves the immediate needs of a growing market that was long unnoticed and unserved by the industry,” said Henry Sy Jr., SMDC vice chairman and chief executive.

“While we are at this, we shall remain alert for opportunities that may arise in the coming years, which would optimize the business synergies between SMDC and the SM Group,” Sy said.

Also contributing to higher sales was the company’s creative innovations in marketing its products through the launch of the SMDC Showroom in Pasay City and the sponsorship of a movie that captured the images of its projects.

SMDC has four completed projects and 10 ongoing developments.
Its shares dropped to P8.15 each on Wednesday from P8.18 each on Tuesday.
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