SMDC posts P1B in H1 net

By Doris Dumlao
Philippine Daily Inquirer

RETAIL TYCOON HENRY SY’S RESidential property arm SM Development Corp. posted a record P1-billion net profit in the first six months, up from only P10.3 million a year ago.

The profit growth was fueled by a 104-percent jump in real estate income to P776 million from year-ago level, SMDC said in a disclosure to the Philippine Stock Exchange.

Its six-month consolidated revenue reached P2.6 billion, up by 85 percent, bringing its cash flows—as measured by earnings before interest, taxes, depreciation and amortization (Ebitda)—to P921 million for an Ebitda margin of 40 percent.

The company booked P2.3 billion in revenue from real estate operations, up by 31 percent from year-ago level. During the period, it pre-sold residential units worth about P4.1 billion.