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News Real Estate SM Development H1 profits zoom to P1.13B
News Real Estate SM Development H1 profits zoom to P1.13B
| SM Development H1 profits zoom to P1.13B |
| Tuesday, 07 August 2007 02:58 | ||||||
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In a report to the Philippine Stock Exchange, SM Development Corp. said its net income surged more than 800 percent to P1.13 billion in the January to June 2007 period from P124 million in the same period last year. "While most of our profits this year are still derived from our marketable securities which benefited from a strong run in the equities market, we are gladdened by the fact that SMDC has quickly evolved into a residential developer which has gained strong market acceptance," SMDC president Rogelio Cabunag said. Profits from real estate operations posted a 124-percent improvement to P126.6 million while revenues shot up by 281 percent to P662 million. Bulk of the sales came from condominium units in ongoing projects such as Chateau Elysee in Bicutan, Paranaque and Mezza in Sta. Mesa, Manila. The company has also booked first half unrealized mark-to-market gains of P1 billion from securities held for trading, significantly higher than last year's gains of P71 million. On Friday's trading SMDC's shares shed 6.25 percent to P4.50. - Cheryl Arcibal, GMANews.TV
Tags: significantly acceptance condominium improvement residential gmanews.tv marketable operations quot;while securities
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