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InterAksyon.com
The online news portal of TV5
MANILA, Philippines – The residential developer of the SM group saw its 2011 profit grow nearly 40 percent, surpassing its forecast of P4 billion, as real estate sales surged by more than three-fourths from the previous year.
SM Development Corp. (SMDC) said its net income rose 38 percent P4.18 billion last year from P3.02 billion in 2010. Profit growth in 2011 however slowed from the 62 percent year-on-year jump in 2010.
Consolidated revenues surged 70 percent to P16.99 billion, as real estate operations grew 79 percent to P16.18 billion. Pre-sold condominium units increased 14 percent to 11,726 worth a combined P26.27 billion.
“SMDC’s strong performance last year confirms the sustainability of its past successes. The company has already become one of the preferred brands in condominium living, thus attaining the necessary momentum to continue delivering positive results," said Henry Sy, Jr., SMDC vice chairman and chief executive officer.
“Moving forward, SMDC’s commitment lies in responsible governance, sound financial management, and continued innovation to ensure the long-term sustainability of your company,” he added.
The company’s board has cleared the appropriation of retained earnings worth P4.5 billion for new condo projects.
Besides new projects, SMDC will expand three existing developments.
