SMDC says earnings rise by more than half

Higher sales boosted the net income of property company SM Development Corp. in the year's first half. SMDC told the Philippine Stock Exchange on Wednesday that its net income rose 54 percent to P1.93 billion as consolidated revenues grew 65 percent to P7.14 billion. Revenues from real estate operations climbed 67 percent to P6.86 billion. "SMDC sustained its high-growth earnings performance on account of its strong sales record and the increased momentum in the construction of its various projects in Metro Manila and Tagaytay City," the company said. SMDC has four fully completed projects namely Chateau Elysee, Mezza Residences, Lindenwood Residences, and Berkeley Residences. The company's 10 on-going projects are Grass Residences, Sea Residences, Field Residences, Princeton Residences, Light Residences, Jazz Residences, Sun Residences, Wind Residences, Blue Residences, and M Place South Triangle. Six new projects, located in the cities of Pasig, Quezon, Pasay, Paranaque and Manila will be launched this year. - CMA/OMG, GMA News