SM Development Corp. (SMDC) reported better-than-expected earnings in the first quarter on higher sales, raising expectations of a double-digit growth this year.

In a statement, the housing arm of the SM group said its consolidated net income grew 45 percent to P916.3 million in the January to March period from P632.4 million in the same three-month period last year, and well above the company’s profit projection of P700 million.

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