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EARNINGS: SM Development posts P3-B net income in 2010


SM Development Corp. on Friday said its net profit reached P3 billion last year, an increase of almost 60 percent from P1.9 billion registered in 2009. The property firm also said its sales grew 72 percent to P9.1 billion in the previous year from P5.3 billion in 2009. SM Development said its strong earnings "attest to the proven viability" of its business model, which is to provide "high-quality residences in strategic locations at affordable price points." SM Development, real estate arm of conglomerate SM Investments Corp., pre-sold 10,388 units valued at almost P21.8 billion last year. The property firm has 14 residential projects — 13 in Metro Manila and one in Tagaytay City in Batangas. — JE, GMA News

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