MANILA, Philippines – SM Prime Holdings Inc. reported a 12 percent growth in its core net income to P12.6 billion in the first half of the year.
Consolidated revenues rose to P39.2 billion with mall revenues accounting for P23.6 billion or 60 percent of the total.
The China malls, on the other hand, made up nine percent of mall revenues at P2.1 billion or an increase of eight percent year on year.
“SM Prime’s integrated development program in the Philippines that is geared more towards provincial expansion sustained its financial performance in the first half of the year. SM Prime is well-positioned for higher growth given that the Philippines’ economic upturn is starting to spread in the provinces,” SM Prime president Hans Sy said.
At present, SM Prime has 58 malls in the Philippines and six in China with a total gross floor area of 8.5 million square meters.
The company is scheduled to open two more malls within the year — Cherry SM Congressional in Quezon City and SM City East Ortigas in Pasig City. It is also expanding SM Center Molino in Cavite and SM City San Pablo in Laguna.
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The residential group registered P13.2 billion in revenues or 34 percent of the total. The amount represented a six percent increase from the previous year.
Operating income rose five percent to P3.9 billion, driven by the higher construction accomplishments of SM Development Corp. (SMDC) projects launched from 2013 to 2015.
SMDC’s sales grew 20 percent to P22.6 billion during the six-month period.
The Commercial Properties Group saw its revenue surge 51 percent to P1.1 billion, comprising three percent of SM Prime’s consolidated revenues.