LISTED property developer Shang Properties Inc. reported on Friday that its consolidated net income for 2015 grew to P2.8 billion from P2.7 billion a year earlier mainly due to higher condominium sales and rental revenue.
In a disclosure to the Philippine Stock Exchange, Shang Properties attributed the improvement in earnings to higher gross revenues, which rose 8.8 percent to P8.3 billion from the P7.6 billion posted in 2014.
It said revenue from its residential condominium projects increased by P889.9 million to P4.7 billion from P3.8 billion in 2014 due to higher sales and a higher completion level of various projects.
Meanwhile, revenue from its mall operations, specifically from the Shangri-La Plaza, declined by P41.2 million due to the temporary shutdown of certain areas caused by the renovation of its main shopping mall.
“Business was also affected by increased competition from newly opened shopping centers in nearby areas,” Shang noted.
For its office leasing operations, specifically for Enterprise Center, revenues increased by P86.8 million to P962.6 million mainly due to higher rental yields and rental escalation.
Shang Properties is a high-end real estate developer 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., KSA Realty Corp. and Shang Wack Wack Properties Inc.