Shopping mall operator SM Prime Holdings Inc. on Monday reported first-half consolidated net income this year of P22.1 billion or 13 percent higher than only P19.4 billion last year.
Revenue totaled P64.7 billion, an 8 percent growth from P59.9 billion in the same period last year, the company said.
In the second quarter alone, the company reported a 16 percent increase in net income to P11.6 billion from P10 billion last year. Revenue grew nine percent to P34 billion from only P31.2 billion the previous year.
SM Prime’s mall business accounted for 58 percent of consolidated revenue.
Mall rental revenue totaled P16.3 billion in the second quarter this year, a 10 percent increase from only P14.9 billion in the same period last year. This brought the mall rental revenue to P32.1 billion in the first half this year or nine percent more than only P29.4 billion last year.
The company reported aggregate mall revenue reaching P37.5 billion in the first half this year, eight percent higher than only P34.6 billion half last year.
SM Prime’s primary residential business unit accounted for 29 percent of consolidated revenue. Its second-quarter revenue performance totaled P10.4 billion, 23 percent higher than last year’s P8.5 billion.
This brought the primary residential business unit’s aggregate revenue to P18.9 billion in the first half, up eight percent from only P17.6 billion last year.
Reservation sales totaled P40.2 billion in the first half.
SM Prime’s office, hotel and convention center business segments reported revenue reaching P7 billion in the first half this year, a 13 percent increase from P6.2 billion last year.
Its office business unit reported revenue reaching P3.6 billion while its hotel and convention center business units posted another P3.4 billion in the first half.
