SM PRIME Q1 NET INCOME UP 11%

SM Prime Holdings Inc. on Monday reported an 11% growth in its first-quarter net income, driven mainly by the higher revenues during the period, with the mall business accounting for the majority.

In an emailed statement, SM Prime reported a P10.5-billion consolidated net income for the first quarter, up from P9.4 billion the previous year. Consolidated operating income climbed 6% to P14.7 billion.

Consolidated revenues increased by 7% to P28.6 billion, with the mall business — which accounts for 59% of consolidated revenues — reporting a 7% growth to P18.2 billion.

Mall rental income grew by 8% to P15.8 billion, while other revenues — including cinema and event ticket sales — stood at P2.5 billion.

The primary residential business group saw a 10% increase in its revenues to P8.5 billion, accounting for 28% of the company’s consolidated revenues. Reservation sales were recorded at P26.5 billion.

Other business segments reported a 9% increase in revenues to P3.4 billion — the office business unit reported P1.8-billion revenues, while hotels and convention centers posted P1.6 billion.

“We are particularly bullish with our malls business as we plan to open a new mall this month of May another three within the year,” SM Prime president Jeffrey Lim said.

“For the residential business, our focus remains in addressing housing backlog within the socialized and economic segments,” he added.

SM Prime has allocated P100 billion for its capital expenditures this year, with the majority or 65% to be funded internally, while the remaining 35% will be done through fundraising, with a net increase due to the coastal development.

The company currently has 85 malls in the Philippines, and eight in China in the cities of Xiamen, Jinjiang, Chengdu, Zibo, Chongqing, Tianjin, and Suzhou.

It already has 91 residential developments, 18 office buildings, 10 SM hotels, six convention centers, and two trade halls.

Its subsidiaries include SM Development Corp., Costa del Hamilo Inc., Tagaytay Resort Development Corp., SM Arena Complex Corp., SM Hotels and Conventions Corp., and SM Land (China) Limited.

Shares in SM Prime were last traded at P27.35 apiece, down by P0.05 or 0.18% from last Friday’s finish of P27.40 per share.—AOL, GMA Integrated News

This article SM Prime Q1 net income up 11% was originally published in GMA News Online.

2024-05-06T11:06:44Z dg43tfdfdgfd