Philippine developer SMDC posts 1 bln pesos income in first half

Thu. August 06, 2009; Posted: 05:02 AM

MANILA, Aug 06, 2009 (Xinhua via COMTEX) -- SMDOF | Quote | Chart | News | PowerRating -- Philippine property developer SM Development Corp. (SMDC) posted a consolidated net income of 1 billion pesos (about 21 million U.S. dollars) in the first half of the year, significantly higher than the 10.3 million pesos (about 215,000 U.S. dollars) posted in 2008, SMDC officials reported Thursday.

Steady demand for real estate amid a weak economic environment bolstered the company's earnings in the first six months of the year, according to SMDC's disclosure submitted to the Philippine Stock Exchange.

Real estate income for the period expanded by 104 percent to 776 million pesos (about 16.2 million U.S. dollars).

Consolidated revenues increased 85 percent to 2.6 billion pesos (about 54.3 million U.S. dollars), with realized revenues from real estate operations rising 31 percent to 2.3 billion pesos ( about 48 million U.S. dollars).

"The dramatic increase in net income was achieved by exerting greater effort in sustaining the growth in residential real estate operations," SMDC President Roger R. Cabunag said.

Cabunag is confident that the company's income will continue to rise in the next few months as demand for its residential units - mostly targeted to the middle class market segment - remains strong.

"We expect a robust growth for the rest of the year as we are preparing to launch more projects," he said.

SMDC now has seven projects which include mid-rise condominium projects and residential subdivision in the country's capital.

SMDC is a residential property developing arm of the SM Group of Companies, one of the Philippines' biggest conglomerates and controlled by Filipino-Chinese businessman Henry Sy Sr.. The group is involved in retail, banking and real estate.

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