SM Prime earnings up 15% to P20 B

SM Prime Holdings Inc. posted a 15 percent growth in net income during the nine month period to P20.05 billion.

In the third quarter alone, SMPH reported a 16 percent jump in net income to P5.66 billion.

From January to September, SMPH grew its consolidated revenues 12 percent to P64.69 billion on higher rental revenues from mall expansions, improvement in same-mall-sales and higher contribution from residential sales.

SMPH president Jeffrey Lim said the company’s performance in the third quarter is a testament to the buoyant overall economy that is benefitting the whole property market.

“The timely expansion of our malls and launches of our residential projects in the provinces are positively contributing to the strong performance of our company. Given all these, we remain optimistic that we are on track to meet our growth target this year,” he said.

During the nine-month period, mall revenues grew 10 percent to P38.58 billion, accounting for 60 percent of the consolidated revenues.

SMPH now has 65 shopping malls in the Philippines and seven in China with a GFA of eight million sqm and 1.3 million sqm, respectively.

The company will open two additional malls before the end of the year. One is SM Center Lemery in Batangas and the other is SM Center Pulilan in Bulacan, which will bring its provincial malls to 44 from 38 last year.

For the residential group, the segment churned P20.50 billion in revenues, up 10 percent.

The increase in sales take-up of ready-for occupancy (RFO) units and construction accomplishments of SM Development Corp. (SMDC) drove the revenues higher.

The revenues mostly came from Shore 2 Residences in Pasay City, Air Residences in Makati City, Fame Residences in Mandaluyong City, Trees Residences in Quezon City, Grass Residences in Quezon City and S Residences in Pasay City.