Friday, July 31, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THINGS CONTINUE to look good for the country’s largest mall operator, which yesterday hinted of positive April to May results.
"It is good. Revenue is definitely double digit but for net profit, I cannot disclose yet," SM Prime Holdings, Inc. President Hans T. Sy said yesterday at the sidelines of Highlands Prime, Inc.’s annual stockholders’ meeting.
Mr. Sy said growth can be attributed to the recently opened SM mall in Naga City and changing buying habits among consumers. "The second quarter improved over the first quarter because of our new branch that came in. Our market share has also increased because people adjusted their buying habits. Instead of spending their money on high-end malls, they choose to shop at our department stores," Mr. Sy said.
Profits of SM Prime grew by 7% to P1.7 billion from January to March, while revenues jumped by 18% to P4.7 billion, on the back of the operations of the three SM malls in China.
For the rest of the year, the company will open SM City Rosario in Cavite and SM City Pamplona in Las Piñas. It will also complete the expansion of SM City Rosales in Pangasinan. By the end of this year, SM Prime expects to have 36 malls in the country, with an estimated gross floor area of 4.9 million square meters.
Mr. Sy said construction for the 37th mall in Calamba, Laguna is ongoing, with the mall expected to open next year.
Shares in the company yesterday closed at P9.60 apiece, down by 1.03%. — Kristine Jane R. Liu
THINGS CONTINUE to look good for the country’s largest mall operator, which yesterday hinted of positive April to May results.
"It is good. Revenue is definitely double digit but for net profit, I cannot disclose yet," SM Prime Holdings, Inc. President Hans T. Sy said yesterday at the sidelines of Highlands Prime, Inc.’s annual stockholders’ meeting.
Mr. Sy said growth can be attributed to the recently opened SM mall in Naga City and changing buying habits among consumers. "The second quarter improved over the first quarter because of our new branch that came in. Our market share has also increased because people adjusted their buying habits. Instead of spending their money on high-end malls, they choose to shop at our department stores," Mr. Sy said.
Profits of SM Prime grew by 7% to P1.7 billion from January to March, while revenues jumped by 18% to P4.7 billion, on the back of the operations of the three SM malls in China.
For the rest of the year, the company will open SM City Rosario in Cavite and SM City Pamplona in Las Piñas. It will also complete the expansion of SM City Rosales in Pangasinan. By the end of this year, SM Prime expects to have 36 malls in the country, with an estimated gross floor area of 4.9 million square meters.
Mr. Sy said construction for the 37th mall in Calamba, Laguna is ongoing, with the mall expected to open next year.
Shares in the company yesterday closed at P9.60 apiece, down by 1.03%. — Kristine Jane R. Liu
