SM Prime earns P22 billion in 9 months

MANILA, Philippines — Property development giant SM Prime Holdings Inc. reported a net income of P22 billion from January to September, up by 41 percent from P15.6 billion in the same period last year.

In a statement, the Sy-led mall and condo developer said consolidated revenues went up by 30 percent to P73.3 billion from last year’s P56.8 billion.

In the third quarter alone, SM Prime’s consolidated net income doubled to P7.9 billion from P4 billion a year ago while consolidated revenues reached P27.3 billion, up by 74 percent a year ago.

“We are happy to report very encouraging results of our third quarter operations, which is aligned with the improvement in the local economy. With this, we are ready to proceed with our business plans to continually deliver value for our stakeholders,” SM Prime president Jeffrey Lim said.

The mall business’ revenues, which account for 46 percent of the company’s consolidated revenues, surged to P33.9 billion during the nine-month period from P15.8 billion a year ago.

SM Supermalls announced the resumption of charging full rental fees across its Philippine malls after more than two years of providing rent concessions to its tenants.

As a result, SM Prime’s local malls reported P30.4 billion rental income during the nine-month period, double from last year’s P15.2 billion.

SM Prime’s residential business group, led by SM Development Corp., reported revenues of P28.3 billion in the nine-month period, down by 12 percent.

SM Prime’s other key businesses, which include offices, hotels, and convention centers, generated P7.2 billion in revenues in the first three quarters, up 56 percent from a year ago.