SM Prime’s net profit grows 18% to ₱27.6 B » Manila Bulletin Business

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SM Prime’s net profit grows 18% to ₱27.6 B

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By James A. Loyola

SM Prime Holdings, Inc., one of the largest integrated property developers in Southeast Asia, posted an 18 percent growth in consolidated net income to ₱27.60 billion in the first nine months of 2019 from ₱23.44 billion in the same period last year.

SM Prime President Jeffrey Lim

SM Prime President Jeffrey Lim

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose by 14 percent to ₱85.03 billion from ₱74.56 billion of the same period last year.

Consolidated operating income saw a 17 percent growth to ₱41.00 billion in the first nine months of 2019 from ₱34.91 billion in the comparative period last year.

“SM Prime’s recent developments and expansion programs in various progressive cities in the Philippines have contributed significantly to the Company’s strong performance in the first nine months of 2019,” SM Prime President Jeffrey C. Lim said.

He added that, “our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year.”

SM Prime’s Philippine mall revenues recorded an 8 percent growth in the first nine months of the year to ₱42.03 billion from ₱38.86 billion the same period of 2018, while same-mall-sales growth is sustained at 7 percent.

Meanwhile, the Company’s Philippine cinema and event ticket sales are up by 6 percent to ₱4.14 billion from ₱3.92 billion. Other mall revenues, which include leisure, entertainment and merchandise sales, improved to ₱2.75 billion from ₱2.35 billion, a 17 percent increase from the same period last year.

SM Prime’s residential business segment, led by SM Development Corp. (SMDC), reported a 26 percent growth on its revenues for the first three quarters of 2019 to ₱31.92 billion from ₱25.26 billion of the same period last year.

Sales from SMDC’s recent projects in Pampanga, Cavite, Quezon City, Rizal and Parañaque City, as well as the fast take-up of various Ready-For-Occupancy (RFO) projects were the primary drivers of growth in the residential business segment.

SMDC reported a 26 percent growth in reservation sales in the first nine months of 2019 to ₱66.42 billion from the ₱52.80 billion reported last year.

SM Prime’s Commercial Properties Group (CPG) and SM Hotels and Convention Centers (SMHCC), posted a combined revenue growth of 11 percent in the first nine months of 2019 to ₱6.83 billion from ₱6.17 billion of the same period last year.

The CPG and SMHCC’s combined operating income increased by 16 percent to ₱3.36 billion from ₱2.89 billion

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