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MANILA - SM Development Corp. has raised its profit guidance this year on the back of strong sales of its residential products, shrugging off concerns of a glut in condominium markets in Metro Manila.
Rosaline Qua, SMDC president, said the property developer's earnings may grow by as much as 25 percent this year, higher than the initial 20 percent forecast issued by the company in April.
SMDC's income in 2011 rose by 38 percent to P4.18 billion from a year ago.
"While we are very confident of where we're headed, we are also aware of the fact that external factors we cannot control. We are comfortable in our projections for now although our eye is going beyond that," said Qua.
SMDC registered about P3.55 billion in sales in April, sustaining the P3-bllion sales enjoyed by the company since December. May sales "look good too," Qua added.
SMDC said it has yet to see a glut in the market, as the company continues to grow at a very fast pace.
"From our end, we have kept within our business model, which has worked, which is not to build something the market would want, but something the market really wants," Qua said.
In the next months, SMDC will come up with letters of intent for new project launches. For the rest of this year, five new residential condominium projects will be launched in Metro Manila.
"We are keeping in schedule. Even without new launches, we are happy with the outcome," Qua said.
It has 15 residential projects under its SM Residences brand and two projects under its M Place brand.
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