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PHILIPPINES REALTY CO SMDC'S NET INCOME SOARS 83% IN 1ST 9 MTHS

Posted on: Wed, 21 Oct 2009 00:46:00 EDT

Symbols: SMDOF

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MANILA, Oct 21, 2009 (AsiaPulse via COMTEX) --
SMDOF | Quote | Chart | News | PowerRating -- SM Development Corp. (SMDC)
(PSE:SMDC) posted P1.1 billion (US$23.5 million) net income
from real estate operations for the first nine months of this
year, up 83 per cent from P607 million a year ago.

In a disclosure to the Philippine Stock Eschange (PSE), SMDC
said revenues from real estate sales rose to P3.7 billion, up
30 per cent from P2.9 billion last year, which resulted in an
expanded consolidated net income margin of 37 per cent.

The companys consolidated net income surged 5,900 per cent
to P1.4 billion from P23 million last year, bolstered by the
strong market reception of its residential units and higher
completion rates of various projects.

The marked recovery in the financial markets also benefited
the company.

Consolidated revenues reached P4.1 billion, up 78 per cent
from a year ago level.

Earnings before interests, taxes, deductions and
amortizations (EBITDA) topped P1.6 billion, for an EBITDA
margin of 42 per cent.

SMDC president Roger R. Cabuag said, "We are strongly
encouraged by the healthy growth in SMDCs profits during the
first nine months of this year. Our efforts to strengthen our
real estate sales operations and our keen monitoring of
construction costs are paying off through higher margins and
better operational efficiencies. With these positive
developments, we remain bullish in our business operations this
year."

SMDC doubled its number of sales reservations for
residential units to 3,708 in the first nine months of this
year.

SMDC has seven on-going projects. Chateau Elysee, a
six-cluster mid-rise condominium project in Paraaque City, is
now in its fifth cluster, which is 88 per cent complete.

Berkeley Residences in Katipunan Road, across Miriam
College, is 50 per cent complete, and Grass Residences beside
SM City North EDSA is 47 per cent complete with its Tower 1.

The Sea Residences near the Mall of Asia Complex in Pasay
City is 17 per cent complete for its phase one and Field
Residences in Sucat, Paraaque City is 75 per cent complete,
also for its phase one.

The company's Lindenwood Residences, which is a residential
3 subdivision in Muntinlupa City, and Mezza Residences, across
SM City Sta. Mesa, were both almost 100 per cent completed.

Other projects scheduled for launching this year are
Princeton Residences, beside Gilmore LRT-2 Station along Aurora
Boulevard in Quezon City; Sun Residences, beside Welcome
Rotonda in Quezon City; Jazz Residences along Jupiter Street in
Makati City; Light Residences in Mandaluyong City; and Wind
Residences in Tagaytay City.

(PNA) cg

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