SHANG Properties, Inc. reported flat earnings in 2019 as weaker condominium sales weighed down the property developer’s performance despite double-digit improvements in its leasing and hotel businesses.

In a regulatory filing Monday, the listed firm said its attributable net income last year stood at P3.06 billion, 1.4% higher than the previous year’s P3.01 billion.

Its consolidated revenues were similarly flat with a 1.6% uptick to P11.36 billion.

Condominium sales, which comprised P4.43 billion of the company’s topline, fell 11% last year due to fewer available units for sale. Its Shang Salcedo Place project became fully sold out in the course of the year while its The Rise Makati project was at handover stage.

Revenues from hotel operations grew 13% to P3.58 billion. This was attributed to higher occupancy in the Shangri-La at the Fort in Bonifacio Global City. It also said the average daily rate last year was higher versus in 2018.

The rental and cinema business, which accounts for revenues from office leasing and mall operations, posted an 11% revenue growth to P3.35 billion. The company said this was due to higher occupancy rates at its office leasing project The Enterprise Center and mall development Shangri-La Plaza.

Shang Properties is the listed operator of several office, retail and residential developments across the Philippines. Among the other projects in its portfolio are The Shang Grand Tower, The St. Francis Shangri-La Place, One Shangri-La Place, Shang Salcedo Place and Horizon Homes.

Shares in Shang Properties at the stock exchange closed flat on Monday at P2.70 each. — Denise A. Valdez