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Business good for Shang Properties

Posted on August 14, 2013 11:21:16 PM [ BusinessWorld Online ]
UPSCALE real estate developer Shang Properties, Inc. grew profit by more than a third last quarter, driven by higher residential sales and rental income, according to a financial report attached to a disclosure yesterday.
The company’s net income went up by 39.12% to P467.52 million in the April-June period from P336.06 million a year ago, according to unaudited consolidated statements of income and retained earnings in the report.
Second-quarter revenues jumped by 22.48% to P1.58 billion from P1.29 billion, while expenses rose by 6.31% to P880.02 million from P827.80 million.
In the second quarter, the company said condominium sales went up “by P512.3 million due to higher sales and completion level of the group’s projects,” the report said.
Rental revenues at The Enterprise Center in Makati City also went up due to a 95.31% average occupancy rate, higher than the 83.83% recorded in the same period last year.
Shangri-La Plaza mall in Mandaluyong City posted a rental increment of 21%, buoyed by “the rental escalation and the opening of new mall at East Wing.”
Other activities include cinema, interest and other income derived by the company from its landholdings and other investments.
Second-quarter performance drove the company’s net income to P825.78 million in the first semester, up by 30.23% from P634.08 million in the same six months last year.
January-June revenues surged by 35.35% to P2.91 billion from P2.15 billion, while expenses increased by 29.92% to P1.65 billion from P1.27 billion.
Shares of Shang Properties added one centavo or 0.30% to close at P3.30 apiece yesterday from P3.29 each last Tuesday. -- Cliff Harvey C. Venzon   
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