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SMDC’s 2012 net profit climbed 17.5% to P4.9b

SM Development Corp., the residential property unit of SM Investments Corp., said net income in 2012 grew 17.5 percent to P4.9 billion from the 2011 level, fueled by higher real estate sales. SMDC said in a disclosure to the stock exchange revenues from real estate rose 33.3 percent to P21.6 billion from P16.2 billion in 2011. The company said it sold 12,614 units last year, up 7.6 percent from 11,726 units sold in 2011, while reservation sales increased 20.8 percent to P31.7 billion from P26.3 billion during the period. Most of the units sold were from Shell Residences in the Mall of Asia Complex, Green Residences on Taft Avenue, Jazz Residences in Makati, Light Residences in Mandaluyong City, Sun Residences and Grass Residences in Quezon City and Wind Residences in Tagaytay City. Meanwhile, SM Investments is studying a proposal to merge units including SM Prime Holdings Inc., vice chairman Teresita Sy- Coson said in a mobile phone message response to queries. The plan isn’t “finalized yet in terms of what companies will be included,” she said. COL Financial Philippines research head April Lynn Tan said in an interview the merger would be good for SMDC as this would provide the company with steady source of recurring cashflow aside from revenues from real estate sales.
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