Shang Properties profits jump more than half

Shang Properties Inc.'s profits surged by more than half in 2007 when it adopted new accounting standards and posted higher rental income. The company's annual report showed a 55.4-percent increase in net income to P944.5 million as gross revenues jumped by 95.9 percent to P3.1 billion. Among the revenue contributors were the condominium unit sales of The Shang Grand Tower (TSGT) and The St. Francis Shangri-La Place (TSFSP) whose combined sales growth reached 104 percent to P1.5 billion. Rental income went up by 11.1 percent to P886 million due to an increase in rental rates and higher sales. The real estate developer leases floor areas to tenants at Shangri-La Plaza Mall and earns carpark fees. It also leases land to its affiliate, EDSA Shangri-La Hotel and Resort Inc.

in Manila Times by Likha Cuevas-Miel
April 30, 2008
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