MANILA, Philippines – The property development unit of the Henry Sy group reported consolidated net income of P4.9 billion in 2012, a 17.5% increase.
In a statement on Wednesday, February 20, SM Development Corp (SMDC), one of the aggressively expanding real estate developers in the Philippines, said this amount reflects a healthy net margin of 22.7%.
Below are the highlights of its performance for 2012:
- Net income from real estate sales reached P4.7 billion, up 16.4% from P4.0 billion in 2011.
- Revenues from real estate sales reached P21.6 billion, up 33.3% from P16.2 billion
- EBITDA hit P5.6 billion, translating to an EBITDA margin of 26%
- Return on equity was at 13.0% from 12.0% in 2011
- Assets reached P79.4 billion, up 47.3%
- Net debt to equity ratio 29% to 71%
- Number of units sold reached 12,614, up 7.6% from 11,726 units in 2011
- Reservation sales reached P31.7 billion, up 20.8% from P26.3 billion
According to SMDC, most of the units sold during the year were from
- Shell Residences in the Mall of Asia Complex
- Green Residences along Taft Avenue
- Jazz Residences in Makati
- Light Residences along EDSA
- Sun Residences in Quezon City
- Grass Residences, also in Quezon City
- Wind Residences in Tagaytay City
As of end-December 2012, SMDC had 15 ongoing residential condominium projects all over Metro Manila, with the exception of Wind Residences in Tagaytay. – Rappler.com
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