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SM property units record mixed results as of Sept.

Posted on November 09, 2011 10:10:05 PM [ BusinessWorld Online ]

PROPERTY SUBSIDIARIES of SM Investments Corp. posted mixed results as of September, with condominium builder SM Development Corp. (SMDC) reporting a double-digit hike in its nine-month income from year-ago levels while leisure estate developer Highlands Prime, Inc. widened losses.

SMDC yesterday said it realized P3.1 billion in consolidated net income in the January-to- September period, up 51% from year-ago levels as revenues from real estate operations surged by 86% to P11.3 billion.

The company, in a statement, cited a non-recurring gain from the disposal of securities last year, residential projects’ strong sales take-up, and expected construction completion rates as major factors.

Its financial statements, however, were not immediately made available.

For the period, SMDC claimed to have sold around 7,900 residential units worth approximately P17.6 billion.

“This solid first nine months’ 2011 performance remains very exciting and promising, a fitting testament to the underlying robust demand for our products due to its strong value proposition to the buyers,” Henry T. Sy, Jr., SMDC chief executive and vice-chairman ,said in the statement.

“Our confidence level is very high that the affordable five-star homes in prime location concept, and the excellent investment opportunity being offered to earn better returns are strongly compelling. SMDC shall therefore continue pursuing this objective with even more vigor and enthusiasm as we expand and fortify our position,” Mr. Sy added.

Highlands Prime, for its part, reported a P49.37-million loss incurred from January to September, a reversal of the P29.08-million profit it recorded in the same period last year.

Sales from real estate properties decreased 56% to P195.78 million from P441.46 million, while other income grew 66% to P34.20 million from P20.57 million.

Expenses, on the other hand, declined 28% to P304.29 million from P420.49 million last year.

For the third quarter alone, Highland Prime losses ballooned to P21.47 million from just P3.86 million in losses recorded in the same period last year.

Third-quarter revenues were cut by 43% to P55.15 million from P96.84 million last year, the report showed.

The firm said it has three projects currently under construction: The Woodridge Place II, a condominium project at Tagaytay Highlands; Pueblo Real Phase 1, a subdivision project in Tagaytay Midlands; and Sierra Lago, also a subdivision located in Tagaytay Midlands. -- Franz Jonathan G. de la Fuente and KAM
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