SM Development 9-mo income rises 43% to P16-B

MANILA, Philippines – The residential developer of mall and banking tycoon Henry Sy, SM Development Corp. (SMDC), posted a 5.7% net profit increase to P3.3 billion in the first 9 months from a year ago, on higher real estate sales.

In a statement, SMDC said its revenues from real estate sales soared 42.7% in January to September to P16.1 billion.

Majority of the units the company sold in the period were from the following projects:

• Shell Residences in the Mall of Asia Complex,
• Green Residences along Taft Avenue,
• Jazz Residences in Makati, Light Residences along EDSA,
• Sun Residences near the Welcome Rotunda in Quezon City, and
• Wind Residences in Tagaytay.

– Rappler.com