Shopping mall operations and residential projects drove earnings higher at SM Prime Holdings Inc., with first-quarter net income at one of the leading integrated property developers in Southeast Asia rising 11 percent year-on-year to P10.5 billion.
Group revenue in the first quarter rose 7 percent to P30.7 billion while operations income was up 6 percent to P14.7 billion.
“We are encouraged with the performance of all our businesses this first quarter of 2024. We are particularly bullish with our malls business as we plan to open a new mall this month of May, and another three within the year. For the residential business, our focus remains in addressing housing backlog within the socialized and economic segments,” said SM Prime president Jeffrey Lim.
He reported the mall business, which account for 59 percent of first-quarter consolidated revenue, showed a 7 percent growth to P18.2 billion. Mall rental income rose 8 percent to P15.8 billion while other revenues, which include cinema and event ticket sales, reached P2.5 billion.
The residential business group reported a 10 percent increase in revenue to P8.5 billion, with reservation sales reaching P26.5 billion.
Other business segments that include offices, hotels, and convention centers posted 9 percent growth in revenue to P3.4 billion. Its office business contributed P1.8 billion while the hotels and convention centers business unit added P1.6 billion.
