Shang Properties, Inc. reported a 30.4% year-on-year increase in second-quarter attributable net income to P981.8 million, buoyed by stronger residential sales and improved contributions from associates and a joint venture. The company's revenue for the April-to-June period rose 9.3% to P2.73 billion from P2.50 billion in the same period last year, according to a disclosure cited by BusinessWorld.
The residential segment remained the primary growth driver, reflecting sustained demand in the upscale and mid-market condominium sectors. The company's joint venture and associate projects also contributed more significantly to profits during the quarter, offsetting cost pressures in property development.
For the first six months of the year, Shang Properties' attributable net income also improved, though the company did not provide a full breakdown in the initial report. The developer continues to focus on its residential pipeline and upcoming project launches to sustain growth through the remainder of the year.