Morning Notes by Wealth Securities, Inc.

 

Addendum to Morning Notes: November 9, 2011

Addendum: WealthSec Nov 09, `11 daily





SMDC posts 51% hike in Net Income for January to September 2011



SM Development Corporation reported a robust 51% increase in its
consolidated net income for the period January to September 2011 to Php3.1
billion, from Php2.1 billion level last year. Realized revenues from real
estate operations surged 86% to Php11.3 billion from Php6.1 billion during
the first nine months of 2010. Net income from real estate operations
expanded to Php3.0 billion in 2011, or by a hefty 91% from last year's
Php1.6 billion. EBITDA for the period amounted to Php3.7 billion. During
9M11, SMDC sold about 7,900 residential units worth approximately Php17.6
billion.



SMDC's net income is in line with our PhP 4.09B profit expectation.
According to Collier's, in terms of units sold, SMDC garnered the top spot
in the residential condominium market of Metro Manila . This is a result of
its aggressive entry into the low and middle income segments.







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