Tuesday, November 17, 2015

SM Prime's net income up by 70%


SM Prime Holdings Inc. recently reported a 70-percent jump in net income garnered during the first nine months of the year.

From January to September, the realty heavyweight saw its net income rise from P13.5 billion in 2014 to P22.9 billion in 2015.

Part of the earnings came from a one-time trading gain of P7.4 billion "on marketable securities booked in the first quarter of the year," according to a company disclosure.

Consolidated revenues from January to September rose by nine percent, going from P47.8 billion during the previous year to P52.2 billion at present.

Hans T. Sy, company president, issued that "SM Prime's expansion across all its various business portfolios since 2013 has driven its strong financial performance this year."

"We expect SM Prime's growth to be sustained as we continue to increase our mall footprint by 13 percent this year," stated Sy.

The company's rental revenues rose by 11 percent, from P26.4 billion to P29.4 billion, thanks to the new malls and expansions of existing retail centers.

SM Prime beefed up its retail portfolio with five new malls this year. Their landmark development in the Visayas region, SM Seaside Cebu, is set to open its doors on November 28. The mega-shopping mall is pegged to be the retail heavyweight in its territory, what with a gross leasable area of 461,000 square meters.

By contrast, residential projects saw a modest four-percent increase in sales, accruing P16.6 billion this year from P16 billion in 2014.


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