Shopping mall operator SM Prime Holdings Inc. said its income in the nine months to September rose 37 percent to P30.1 billion from last year’s P22 billion.
Consolidated revenue reached P92.6 billion for the period, 26 percent more than last year’s P73.7 billion.
“Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger full-year performance. I would like to thank our customers and partners for their continued support to deliver convenience and comfort to everyone,” SM Prime president Jeffrey Lim said.
For the July to September quarter alone, SM Prime income rose 35 percent to P10.7 billion from P7.9 billion.
Consolidated revenue rose 20 percent to P32.7 billion from P27.3 billion.
SM Prime’s mall business in nine months accounts for 57 percent of the company’s consolidated revenue of P52.5 billion, up 37 percent from P38.2 billion last year.
Mall rental income rose to P44.8 billion, 29 percent higher than last year’s P34.7 billion. SM Prime cinemas, event ticket sales and other revenue more than doubled to P7.7 billion from P3.5 billion last year.
The company’s residential business, led by SM Development Corp., generated P11.1 billion in revenue in the third quarter, 20 percent higher than only P9.3 billion last year.
This made primary residential business revenue rise 10 percent to P28.7 billion in nine months from P26.1 billion last year. SMDC’s reservation sales reached P89.3 billion, 6 percent higher than last year’s P83.9 billion. Its other key businesses, which include offices, hotels and convention centers, generated P9.5 billion in revenue, a 33 percent growth from P7.2 billion last year.
The company’s office business segment posted P4.9 billion in revenue, 14 percent higher than last year, while the hotels and convention centers business segment’s revenue reached P4.6 billion, 64 percent higher than last year.
