Shang Properties boosts H1 net to P2.4B

By Ed Paolo Salting | The Manila Times
August 22, 2023

LISTED real estate developer Shang Properties Inc. saw its net income attributable to parent equity holders in the first half of 2023 increase to P2.4 billion, up 59.02 percent from P1.51 billion in 2022.

In a report submitted to the Philippine Stock Exchange, Shang Properties said revenues also rose to P4.7 billion from P3.27 billion due to condominium sales, rentals, cinema, and hotel operations.

Sales from condominium projects climbed to P1.47 billion from P1.31 billion, driven by percentage of completion and additional revenue from units sold during the first half of this year.

Earnings from mall rentals and cinema stood at P1.23 billion, an increase from P976.13 billion because of higher rental yield from mall operations of Shangri-La Plaza.

Meanwhile, revenues from hotel operations reached 1.99 billion, from P982.31.

Shang Properties share price last Friday was up by a centavo to close the trading day at P3.53 per share.