April 25, 2013

SMDC net income up 12% in 1Q2013

From a Press Release: SM Development Corporation (SMDC) reported that for the first quarter of 2013, consolidated net income amounted to P1.4 B, up 12.0% YOY due to an improved gross profit margin and increased economies of scale. Net margin improved to 23% from 22% during the same period last year.

For 2013, SMDC will spend approximately P20 B in capital expenditure. Of this amount, P13 B will be for project development and P7 B will be for landbanking. During the year, the company will launch three to four new projects.