Philippine SMDC net income in Jan-Sept hits $30 mln

16:49, October 20, 2009      

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Philippine property developer SM Development Corp. (SMDC) posted a consolidated net income of 1.4 billion pesos (about 30 million U.S. dollars) in the first nine months of the year supported by strong sales of its residential units, company officials reported Tuesday.

This is significantly higher than the 23 million pesos (about 500,000 U.S. dollars) consolidated income posted in the same period in 2008.

In a disclosure submitted to the Philippine Stock Exchange, SMDC officials reported that the company's real estate revenues for the months of January to September increased 30 percent on year to 3.7 billion pesos (about 79 million U.S. dollars). This resulted in an expanded consolidated net income margin of 37 percent.

"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 President Roger R. Cabunag said in a press statement.

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

SMDC is the residential property developing arm of the SM Group of Companies, one of the Philippines' biggest conglomerates. Controlled by Filipino-Chinese businessman Henry Sy, Sr., the conglomerate has interests in retail, banking, shopping malls and real estate.

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