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SM
Development Corp. (SMDC), one of the property units of
the Sy group, said its real-estate sales for the first
quarter grew 125 percent to P575 million from P256
million in the same period a year ago.
The
growth allowed its gross profit from real-estate
operations to post a 173-percent rise to P240 million.
However,
the company’s net income dropped to P14 million from
P661.7 million a year earlier due mainly to unrealized
mark-to-market losses during the period on investments
held for trading, which was somehow tempered by the
realized gains from sale of investments amounting to
P198 million.
“We have
started on the right track as evidenced by the doubling
of our sales revenues during the first three months of
2008,” said president Rogelio R. Cabunag at the
sidelines of the company’s annual stockholders’ meeting
Tuesday.
SMDC,
whose shares are traded on the stock exchange, is
allotting P4.5 billion for capital spending this year to
fund five ongoing projects, two new developments and
land acquisitions. Internal funds will finance most of
the expenses.
The
company’s ongoing projects are Chateau Elysee in
Parañaque City; Lindenwood Residences in Muntinlupa; and
Mezza, Berkeley and Grass Residences in Quezon City.
Except for Lindenwood Residences, which is a residential
subdivision, all are residential-condominium projects.
This
year SMDC plans to launch two new projects called Sea
Residences within the Mall of Asia Complex in
Pasay City
and the Field Residences in Sucat, Parañaque. |
