MANILA, Philippines - Net income from real estate operations of SM Development Corp., the property developer of the SM Group, more than tripled on price increases of its condominium units.

In a statement, SMDC said real estate operations bottomline grew 250 percent to P392 million as gross profit on real estate sales rose 305 percent to P777 million "due to better efficiencies in construction, as well as from upward adjustments in unit prices compared to their pre-selling rates."

However, the company said its consolidated net income only reached P10 million "as income from real estate operations was pulled down by unrealized mark-to-market losses on investments that have remained in SMDC's portfolio from its previous business as an asset management company".

Alliance Global Group Inc., the conglomerate controlled by the fourth richest Filipino, announced on Wednesday that its consolidated net income jumped by more than a quarter on higher revenues.

In a statement, the Andrew Tan-led company said its consolidated bottomline grew 26 percent to P2.67 billion.

“Consolidated revenues reached P14.04 billion as of June…rising by 11 percent from P12.6 billion," Alliance Global said.

Net income attributable to shareholders of the company reached P1.7 billion, a 38-percent improvement from P1.23 billion.