SMDC net income up 17.5% in ’12
SM Development Corp. (SMDC) reported that, for the full year of 2012, its consolidated net income went up by 17.5 percent to P4.9 billion, realizing a net margin of 22.7 percent.
Net income from real estate sales amounted to P4.7 billion, up by 16.4 percent from P4 billion in 2011.
Revenue from real estate sales rose by 33.3 percent to P21.6 billion, from P16.2 billion the previous year. Earnings before interest, taxes, depreciation and amortization (Ebitda) reached P5.6 billion, for an Ebitda margin of 26 percent.
Return on equity inched up to 13 percent from 12 percent in 2011.
SMDC’s asset base expanded by 47.3 percent year on year to P79.4 billion. As of end December 2012, SMDC’s net debt-to-equity ratio remained conservative at 29:71.
The number of units sold during the year rose by 7.6 percent to 12,614 units from 11,726 units in 2011, while reservation sales for 2012 rose by 20.8 percent to P31.7 billion, from P26.3 billion the previous year.
Most of the units sold during the year were from Shell Residences at the Mall of Asia complex, Green Residences on Taft Avenue, Jazz Residences in Makati, Light Residences on Edsa, Sun Residences in Quezon City, Grass Residences, also in Quezon City, and Wind Residences in Tagaytay City.
As of end-December 2012, SMDC has 15 ongoing residential condominium projects all over Metro Manila. The projects include Grace Residences in Taguig and Breeze Residences in Pasay City, which were launched late 2012.