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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