THE net income of Shang Properties went down by 49.4% to P417.69 million in the third quarter, despite the firm’s higher condominium sales.
In a disclosure to the stock exchange on Tuesday, the listed firm said that revenues from condominium sales from July to September increased by 20.9% to 1.46 billion.
Meanwhile, the property developer’s revenues from rental and cinemas decreased by 42.2% to P468.4 million. Hotel operations brought in P72.86 million, down 91.8% during the quarter.
For the nine months to September, the company’s income dropped by 44.1% to P1.12 billion. Revenues from condominium sales, rental and cinemas, and hotel operations all fell during the period.
Shang Properties is a listed operator of office, retail leasing and residential development projects. The firm’s completed projects include Shangri-La Plaza Corp., Shang Properties Realty Corp., and Shang Property Developers, Inc., among others.
Shares in Shang Properties closed higher by 0.37% at P2.70 each. — Angelica Y. Yang
