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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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