February 20, 2013

SMDC net income rises 17.5% to P4.9B

SM Development Corporation (SMDC) reported that for the full year of 2012, consolidated net income increased 17.5% YOY to P4.9B, for a net margin of 22.7%. Net income from real estate sales, meanwhile, amounted to P4.7B, up 16.4%.

The number of units sold during the year increased 7.6% to 12,614 units, while reservation sales for 2012 rose 20.8% to P31.7B.

As of end-2012, SMDC had fifteen ongoing residential condominium projects around the country.

Company officials earlier said the firm is expected to post a 10 to 15 percent rise in both bottom-line and topline this year on continued rollout of new projects.

The company acquired P2 billion worth of prime properties, mostly in Metro Manila, to ensure sustained growth.

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SMDC’s 2012 net profit climbed 17.5% to P4.9b
SMDC 2012 income rises 17.5 percent to P4.9 billion