Vol. XXI, No. 196 [ Business World Online ]
Wednesday, May 7, 2008 | MANILA, PHILIPPINES
SM PRIME Holdings, the country’s largest mall developer, yesterday said its net profit in the first quarter had gone up by 7%, a slower pace from last year’s double-digit growth as rising inflation crimped consumer spending.
"SM Prime continued to exhibit growth in the first quarter amid a more challenging environment," company President Hans Sy said in a statement.
Net profit of P1.6 billion in the first quarter came on the back of an 8% rise in gross revenues, mainly due to three new malls that were opened last year.
SM Prime’s net profit last year climbed by 10%. This year, the company is expected to open three new shopping centers, bringing its total number of malls to 33.
SM Prime earlier said it would spend P33 billion in the next five years to fund domestic expansion. The company said the five-year budget includes P6 billion this year for the construction of three new malls and the upgrade of three existing malls.
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