SM Prime earns 15% more
MANILA, Philippines - SM Prime Holdings Inc. recorded a 15 percent growth in net income to P7.7 billion during the second quarter, bringing total earnings to P14.39 billion as of the end of June.
Consolidated revenues grew 10 percent to P43.25 billion.
“SM Prime’s performance in the first half of the year reflects a more balanced revenue and income stream from our various businesses including the growing contribution from our provincial operations. We are happy to report that our investments in the provinces are now bearing fruits, particularly in mall operations given that these account for more than half of our Philippine malls portfolio,” said SM Prime president Jeffrey Lim.
Mall revenues, which contributed 60 percent of SM Prime’s consolidated revenues, rose 10 percent to P25.68 billion.
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