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Manila Bulletin devider Business devider The Stock Market devider Luxury condo sales lift Shang Properties' first-half profit

Luxury condo sales lift Shang Properties' first-half profit

Published Aug 4, 2026 01:59 pm

Kuok-led Shang Properties Inc. reported a 5.9-percent increase in consolidated net income to ₱2.2 billion in the first half of 2026 from ₱2.1 billion in the same period last year, driven mainly by stronger condominium sales.

Based on the firm’s financial statement (FS) filed with the Philippine Stock Exchange (PSE) on Tuesday, Aug. 4, the increase in earnings was also supported by continued growth in its condominium, rental and cinema, and hotel operations.

Revenues rose 11.3 percent to ₱5.9 billion in the first half of the year from ₱5.3 billion in the same period of 2025.

Condominium revenues jumped 38 percent to ₱1.72 billion from ₱1.25 billion, driven by sales from projects such as Shang Summit, Laya by Shang Properties, and Shang Bauhinia Residences.

Revenue from rental and cinema operations increased five percent to ₱1.82 billion from ₱1.74 billion, mainly due to higher occupancy rates and improved rental yields at Shangri-La Plaza Mall and The Enterprise Center.

Meanwhile, revenue from hotel operations rose two percent to ₱2.38 billion, supported by a higher occupancy rate at Shangri-La The Fort, Manila during the second quarter of 2026 compared with the same period last year.

Income from operations before interest, share in joint venture (JV) income, and income tax increased 9.2 percent to ₱1.98 billion from ₱1.81 billion in the first half of 2025, reflecting revenue growth and effective cost management. - James A. Loyola

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