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LISTED FIRM Shang Properties, Inc. yesterday said its consolidated net income for the nine-month period increased by 70% due to higher revenues from the sale of condominium units and rental income.
In a financial report, the company said it posted a net income of P529.1 million for the period, from P312.2 million in the same period last year.
Revenues reached P1.84 billion from P1.41 billion in which condominium unit sales and rental income were the growth drivers.
Sale of condominium units of the St. Francis Shangri-La Place projects amounting to P 1,107.5 million is higher than last year by P 311.8 million after the company sold 290 units as of third quarter.
Rental income rose by 9.33% as rental income from Shangri-La Plaza Corp.’s mall tenants increased to P542.8 million from P495.8 million.
Total expenses likewise widened to P1.18 billion from P1.05 billion last year because of the higher cost of condominium sales, general and administrative expenses and taxes and licenses.
Meanwhile, total assets of the company stood at P24.35 billion from P21.30 billion December last year.
Formerly EDSA Properties Holdings, Shang Properties leases its properties to 78.72% owned Shangri-La Plaza Corp. and EDSA Shangri-La Hotel. The company also owns a carpark building, which it leases to the shoppers and patrons of Shangri-La Plaza mall and the EDSA Shangri-La Hotel.
Shang Properties also has interests in EDSA Shangri-La Hotel & Resort, Inc. and Shangri-La International Hotel Management Ltd. Last July, the company acquired a 23.52% share in KSA Realty Corp., the owner and operator of the Enterprise Center, one of the most modern and luxurious office buildings in the country.
[Business World Online]
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