SHANG Properties, Inc. increased its earnings by 14% during the third quarter on higher revenues.
In a regulatory filing, the listed property developer said its net income during the July to September period stood at P1.35 billion.
Total revenues during the period grew 8% to P5.7 billion, as total costs inched up 3% to P2.92 billion.
Year to date, the company’s net income climbed 8% to P2 billion as revenues saw a 3% uptick to P8.47 billion. A 1% slip in expenses to P3.97 billion helped keep the company’s bottomline higher.
Shang Properties said its “turnover sales,” or revenues from sales of condominium units, rental and cinema, hotel operations and other income increased 2.5% to P8.7 billion during the three quarters
Broken down, sales from residential condominium units went down 7% to P3.47 billion, making up 40% of the company’s total revenues.
Revenues from leasing operations amounted to P2.36 billion, 6% higher than in the same nine-month period last year, which accounted for 27% of the pie.
Hotel operations generated P2.64 billion in the three quarters, up 16% from last year. The company specifically said its Shangri-La at the Fort brand in Taguig City contributed P2.6 billion in revenues during the period.
Shang Properties’ core businesses involve office and retail leasing and residential development. It is the listed operator of the Shangri-La Plaza mall and has a stake in the owner of The Enterprise Center.
Among its other projects 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 slipped 0.06 points or 1.82% to P3.24 apiece on Tuesday. — Denise A. Valdez