SMDC profit as of Sept. up 5.7%, hits P3.3B

SM Development Corp. posted a 5.7 percent year-on-year growth in January-September net profit to P3.3 billion as the property developer booked higher revenues from ongoing residential projects including Jazz Residences in Makati (as shown). PHOTO FROM SMDEVELOPMENT.COM

Tycoon Henry Sy-led SM Development Corp. posted a 5.7 percent year-on-year growth in January-September net profit to P3.3 billion as the property developer booked higher revenues from ongoing residential projects.

Nine-month revenues from real estate sales rose by 42.7 percent to P16.1 billion from the same period last year, SMDC disclosed to the Philippine Stock Exchange on Wednesday.

Cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to P3.7 billion, for an EBITDA margin of 23 percent, while net margin stood at 20 percent.

The nine-month results resulted in a return on equity of 12 percent for SMDC.

SMDC’s asset base expanded 33.6 percent year on year to P70.6 billion.

On sales take-up in the nine-month period, SMDC sold units in Shell Residences in the Mall of Asia Complex, Green Residences along Taft Avenue, Jazz Residences in Makati, Light Residences along Edsa, Sun Residences near the Welcome Rotunda in Quezon City, and Wind Residences in Tagaytay.

“SMDC’s projects have been very well received by the market because of their quality, affordability, location, and also because they offer amenities that had until recently been unavailable to mid-range buyers, including swimming pools, function rooms, and well-appointed, hotel-like lobbies,” the company said in a statement.