April 16, 2013

SM Prime Holdings first quarter net income up 15%

SM Prime Holdings, Inc. (SM Prime), the which currently owns 46 malls in the Philippines and 5 malls in China, posted a 15% increase in consolidated net income for the first three months of 2013, amounting to P2.79 B.

Revenues, on the other hand, reached P7.83 B for an 11% increase YOY. Excluding the new malls and expansions, same-store rental growth is at 7%. Gross revenues of the five malls in China increased 11%.

Over the next three years, SM Prime will spend approximately P88 B to drive its aggressive expansion plans in the Philippines and China. By the end of this year, SM Prime will have 48 malls in the Philippines and five in China with an estimated combined GFA of 6.9 million sqm.