REAL estate developer Shang Properties Inc. reported on Friday that its consolidated net income for the first half of the year amounted to P1.3 billion, up nearly a quarter from a year ago, on strong condominium sales.
In a financial report posted on the website of the Philippine Stock Exchange (PSE), the company said that its consolidated net income increased by 24.9 percent from the P1.06 billion recorded in the same period of last year.
Real estate sales from its condominium projects amounted to P846.1 million in the first half, up 50.5 percent from the same period last year.
On the other hand, revenues from its shopping mall, Shangri-La Plaza, declined by P25.7 million or 3.3 percent mainly due to the temporary closure of certain areas in the mall due to renovation.
The company said interest income and other income declined by P27.1 million due to the decrease in interest on installment contract receivables.
Total expenses of the group amounted to P1.98 billion, up slightly from the P1.6 billion recorded in the same period last year.
Consolidated revenues for the first half of the year grew 27.4 percent to P4.07 billion from the P3.2 billion posted a year ago.
Shang Properties is a high-end real estate developer that is engaged in the development of residential projects, hotels and malls.
Its significant and active subsidiaries are composed of Shangri-La Plaza Corp., SPI Parking Services, Inc., Shang Properties Realty Corp., EPHI Logistics Holdings, Inc., Shang Global City Holdings, Inc., Shang Fort Bonifacio Holdings, Inc., Shang Property Management Services Corp., Shang Property Developers, Inc. and KSA Realty Corp.