SM Development Corp. (SMDC) on Wednesday said that its net income grew by more than a third last year on higher revenues from real-estate operations.

In a disclosure to the Philippine Stock Exchange, the Sy-led property developer said that its consolidated net profit went up by 38 percent to P4.18 billion last year from P3.02 billion in 2010.

SMDC’s net income was higher than its net income guidance of P4 billion, but posted slower growth compared to the 62 percent rise in 2010.

Net profit from real estate operations, which accounted for bulk of its earnings, rose by 58 percent to P4.04 billion last year from P2.56 billion in 2010.

Consolidated revenues hit P16.99 billion, higher by 70 percent year-on-year, driven by higher revenues from real estate operations which climbed 79 percent to P16.18 billion from P9.12 billion in 2010.

Last year, SMDC pre-sold 11,726 residential condominium units worth approximately P26.27 billion. Compared to the same period in 2010, the number of units presold increased by 14 percent.

SMDC attributed its notable performance to “the company’s proven ability to complete its projects” and strong brand recognition.

“SMDC’s strong performance last year confirms the sustainability of its past successes. The company has already become one of the preferred brands in condominium living, thus attaining the necessary momentum to continue delivering positive results,” Henry Sy, Jr., SMDC vice chairman and chief executive officer said.

“Moving forward, SMDC’s commitment lies in responsible governance, sound financial management, and continued innovation to ensure the long-term sustainability of your company,” Sy added.

In a separate disclosure, SMDC said its board approved the additional appropriation of retained earnings amounting to P4.5 billion to cover the line-up of new condominium projects to be launched this year and onwards.

SMDC will roll out new projects in Makati, Bicutan, Pasay, Quezon City, Mandaluyong and Taguig this year to continue to serve demand in the various market segments. It will also be building expansion towers for Jazz Residences in Makati, Wind Residences in Tagaytay, and Field Residences in Sucat, Paranaque.

SMDC was recently cited by Colliers International Philippines as the biggest property developer in Metro Manila in the second half of 2011 after selling more than 6,000 units for a 24 percent market share.

The condo builder currently has 15 residential projects under its SM Residences brand and two projects under the M Place brand.

SMDC shares rose 7 centavos or 0.96 percent to P7.40 each on Wednesday from its previous close of P7.33 apiece.