Net income rose 6 percent to P2.2 billion in the six months ended June as revenue increased 11 percent to P5.9 billion, a regulatory filing on Tuesday showed.
The biggest contributor was condominium sales, with higher revenue coming from Shang Summit, the developer’s first residential project in Quezon City, Laya by Shang Properties in Pasig and Shang Bauhinia Residences, its first residential development in Cebu.
The company’s recurring businesses also strengthened, with rental and cinema income rising on higher occupancy and better leasing yields at Shangri-La Plaza Mall and The Enterprise Center, while hotel revenue increased as Shangri-La The Fort, Manila welcomed more guests.
Investment continues
Shang continued investing in its development pipeline during the period, using cash to fund ongoing projects while also paying down debt.
Cash and cash equivalents fell by P1.9 billion, while properties held for sale increased by P847 million as construction progressed across its residential developments.
Higher business activity pushed cost of sales to P2.3 billion, while operating expenses rose to P1.7 billion, mainly due to salary adjustments, inflation and higher taxes.
Total assets edged up to P97.3 billion as of end-June from P96.6 billion at the end of 2025.
Despite the heavier investment, the company improved its liquidity, with its current ratio strengthening to 2.04 from 1.97 six months earlier.
—Edited by Miguel R. Camus
