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SM Prime allots P35b for 2013

By Jenniffer B. Austria | Posted on Mar. 05, 2013 at 12:02am
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SM Prime Holdings Inc., the country’s largest shopping mall operator and developer, said it will invest P35 billion this year, up 66 percent from P21 billion it spent in 2012.
SM Prime said in a filing with the stock exchange it would use the amount to expand of shopping malls in the Philippines and China. It said the amount would be funded by internally generated funds and external borrowings.
The mall operator is scheduled to launch SM Aura Taguig and SM City Cauayan in Isabela this year.  SM Megamall is also being expanded by an additional 100,000 square meters.
SM Prime said by end-2013, it would have 48 malls in the country and five in China with a combined gross floor area of 6.8 million square meters.  It had 46 supermalls in the Philippines with gross floor area of 5.6 million square meters and five supermalls in the Chinese cities of Xiamen, Jinjiang, Chengdu, Suzhou and Chongquing with gross floor area of 800,000 square meters at the end of 2012.
Net income of SM Prime grew 16 percent in 2012 to P10.53 billion from P9.1 billion a year ago, while consolidated revenues jumped 14 percent to P30.73 billion.
The better-than-expected 2012 financial result was largely due to rentals from new malls and robust same-store sales, which went up eight percent.
Net income of China malls reached P1.1 billion last year, up 24 percent from P890 million in 2011, while profit of Philippine operations grew 15 percent to 9.43 billion from P8.17 billion in 2011.
Stores in China contributed P2.54 billion to total revenues due to improvements in the average occupancy rate and lease renewals.
The average occupancy rate of five China malls is now at 92 percent.


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