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This resulted in a 156-percent increase in gross profit from real estate operations to P615 million.
SMDC also reported its earnings before interest, taxes, depreciation and amortization (EBITDA) reached P463 million for an EBITDA margin of 35 percent.
Net income from real estate operations, on the other hand, surged 353 percent during the first quarter of 2009 to P421 million, from just P93 million the previous year.
Real estate operations continue to underpin the company?s sharp growth, even with the recovery of the equities market, which tempered profits last year as SMDC?s investment portfolio posted mark-to-market losses.
For the first quarter of 2009, SMDC more than doubled its sales worth P2.4 billion, equivalent to 1,021 residential units. Sales of units came from all of its five ongoing projects.
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