Higher sales lift SM property arm's earnings

Higher sales pulled up the earnings of SM Development Corp., the property arm of the SM Group, by more than half in 2010. In a disclosure submitted to the Philippine Stock Exchange on Thursday, the company said its net income improved 62 percent to P3.02 billion from P1.86 billion in 2009 as revenue from real estate sales jumped 73 percent to P9.118 billion. "The year 2011 will see the launching of new projects from both the SM Residences and MPLace brands. The search for viable locations in Metro Manila and in other key cities outside Metro Manila shall continue while seriously exploring and mapping out strategies to tap the residential market in China," the company said. Part of the P26.5-billion fresh fund generated in 2010 will be used for this year's capital requirements. As the property arm of the SM Group, SMDC is focused on mid-market residential development projects. As of end-2010, the company has 13 condominium projects in the country, with 12 of them located in Metro Manila. -- CMA/OMG, GMA News