Shang Properties posted strong profitability in the first three quarters of the year as revenues across all business segments increased.
Net earnings of billionaire Robert Kuok’s high-end luxury realty firm jumped 35.1 percent to P2.45 billion.
Turnover, which consists of sales of residential condominium units, revenue from rental and cinema and hotel operations, surged 62 percent to P5.5. billion. This was driven by the higher revenue from condominium sales as a result of the increased number of units sold, as well as from hotel operations brought about by improved occupancy during the first nine months of the year.
Sales of residential condominium units accounted for P2.1 billion or 39 percent of the total revenue, while leasing operations amounted to P1.5 billion or 28 percent of the total.
Revenues from Shangri-La at the Fort’s hotel operations amounted to P1.8 billion or 33 percent of the total revenue for the nine-month period.