Shopping mall operator SM Prime Holdings Inc. on Monday reported first-quarter consolidated net income of P9.4 billion, 27 percent higher than only P7.4 billion in the same period last year.
Consolidated revenue rose 20 percent to P28.7 billion from P23.9 billion.
“We are pleased to report a strong first-quarter consolidated financial performance. This is a testament to the resilience of our businesses and the hard work and dedication of our employees. Our recurring businesses have remarkably bounced back after being hit by mobility restrictions and economic disruptions,” SM Prime president Jeffrey Lim said.
The company’s domestic mall business, which accounts for 54 percent of consolidated revenue, recorded an 88 percent increase to P15.4 billion from P8.2 billion last year.
Rental income increased 72 percent to P13 billion from P7.6 billion due to the increase in tenant sales and foot traffic, as well as full charging of rental fees it imposed since the second half of 2022.
Its local cinema, ticket sales and other revenue rose 288 percent to P2.5 billion from P600 million last year.
SM Prime’s China mall business posted revenue of RMB200 million during the period, almost the same as last year.
Its residential business group led by SM Development Corp. posted P8.5 billion in revenue, 29 percent lower than last year’s P12 billion partly due to canceled sales resulting from high inflation, rising domestic interest rates and the lapse of Bayanihan Law.
SMDC’s sales take-up in the first three month reached P35.8 billion, 15 percent higher than last year’s P31.1 billion, translating to a 23 percent increase in unit sales to 7,523 from 6,110 in 2022.
SM Prime’s other key businesses as offices, hotels and convention centers generated revenue of P3.2 billion, 59 percent higher than only P2 billion from previous.
“We remain optimistic about the long-term prospects of the Philippines economy and the property industry. We will continue to leverage our strengths and capabilities to create value for all our stakeholders,” Lim said.
