SM Development profit rose 23.4% in 2005

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SM Development profit rose 23.4% in 2005
Posted: 10:45 AM | Apr. 21, 2006

XFN-Asia

SM DEVELOPMENT CORP., the property development arm of conglomerate SM Investments Corp., posted a 23.4 percent increase in net profit last year to 652.1 million pesos from 528.2 million pesos the year before, helped by double-digit growth in revenue.

 

In its financial report, filed with the stock exchange, SM Development said its revenue last year grew 19.6 percent to 867.1 million pesos.

 

SM Development, which also invests in securities, said the recognition of unrealized mark-to-market gains on investments held for trading, amounting to 318.4 million pesos, contributed significantly to the surge in revenue.

 

Sales from real estate, which constituted 25.2 percent of revenue, increased by 2.6 percent to 218.7 million pesos.

 

SM Investments, the holding company of tycoon Henry Sy, owns 48.5 percent of SM Development.

(One dollar = 51.65 pesos)