REAL ESTATE developer Shang Properties Inc. earned £1.14 billion in the first quarter of 2023; this is more than double the P476.32 million recorded a year ago following strong gains in segments. Revenues nearly doubled to P2.31 billion from P1.48 billion, which the firm said was "due to the resilient performance of its businesses." With sales soaring in the first three months of the year, condominium sales rose 2 percent from P658.4 million to P675.45 million. Mall rental and movie theater revenues also rose 32 percent from 466.74 million to P615.76 million, driven by higher occupancy rates at Shangri-La Plaza. Hotel revenues more than tripled from P322.31 million to P1.02 billion, largely driven by high occupancy. news delivered for The Manila Times' daily s By with an email address, I confirm that I have read and accept the Terms of Service and Privacy Policy. The firm's cost to sell and service reached P792.68 million, an increase of approximately 43 percent from P556.04 million in 2022 as its business operations grew. Operating expenses totaled P462.60 million, slightly over P428.01 million a year ago. The firm said this was the net effect of an increase in general and administrative expenses, a decrease in tax and license costs, and increases in depreciation and insurance. Shang Properties' share price rose 0.36 percent, or 0.36 percent, to P2.75, as the Philippine Stock Exchange index rose 0.54 percent on Friday.