SMDC’s 1Q13 Net Income Grows 12% to Php1.4 billion
Pasay City—(PHStocks)—SM Development Corporation (SMDC) reported that for the first quarter of 2013, consolidated net income amounted to Php1.4 billion, up 12.0% year-on-year due to an improved gross profit margin and increased economies of scale. Net margin improved to 23% from 22% during the same period last year.
EBITDA stood at Php1.7 billion, for an EBITDA margin of 28%. Return on equity stood at 13.2% from 13.0% last year. Meanwhile, revenues from real estate sales increased 4% to Php5.9 billion.
SMDC’s asset base expanded 47% year-on-year to Php85.2 billion. SMDC’s net debt to equity ratio remains conservative at a ratio of 30% net debt to 70% equity.
For 2013, SMDC will spend approximately Php20.0 billion in capital expenditure. Of this amount, Php13.0 billion will be for project development and Php7.0 billion will be for landbanking.
During the year, the company will launch three to four new projects: These are Trees Residences and Grass Residences Phase 2 in Quezon City; Shore Residences at the Mall of Asia Complex; and possibly Rich Residences in Mandaluyong. In addition, expansion towers at Wind Residences, Field Residences, and Grace Residences will also be launched. These new and expansion projects will add about 13,300 units of new inventory.
SMDC currently has fifteen ongoing residential cond ominium projects all over Metro Manila, with the exception of Wind Residences in Tagaytay. These projects are as follows:
1. Grass Residences, behind SM City North EDSA in Quezon City
2. Field Residences in Parañaque
3. Princeton Residences, along Aurora Boulevard in Quezon City
4. Sun Residences, beside the Mabuhay Rotunda at the boundary of Manila and Quezon City
5. Light Residences, along the northbound side of EDSA
6. Jazz Residences in the Makati Central Business District
7. Wind Residences in Tagaytay
8. Blue Residences, at the corner of Katipunan Avenue and Aurora Boulevard in
9. Mezza II Residences, along Aurora Boulevard in Quezon City
10. Green Residences, along Taft Avenue in Manila
11. Shell Residences in the Mall of Asia Complex in Pasay
12. M Place @ South Triangle in Quezon City
13. Rose Residences in the Ortigas Center in Pasig
14. Breeze Residences in Pasay City
15. Grace Residences in Taguig