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SM Prime’s profit grows 15% to P5.6b

By Jenniffer B. Austria | Posted on Jul. 30, 2013 at 12:01am | manilastandardtoday.com
SM Prime Holdings Inc. said Monday net income in the first half grew 15 percent to P5.64 billion from P4.92 billion year-on-year, following the opening of new shopping malls.
SM Prime said in a disclosure to the stock exchange revenues increased 14 percent to P16.5 billion in the January-June period from P14.5 billion last year.
The shopping mall developer said newly opened malls in 2012 and 2013 with a combined gross floor area of 698,000 square meters and higher contribution from China malls lifted rental revenues in the first half.
The company said in the second quarter, net income rose 15 percent to P2.85 billion from P2.49 billion a year ago as revenues climbed 16 percent to P8.72 billion.
“SM Prime continues to deliver strong revenue growth affirming our positive outlook for 2013,” SM Prime president Hans Sy said.
“Our offerings at the retail podium in the newly launched SM Aura Civic Center showcased SM Prime’s ability to move away from its comfort zone by catering to a new market, while staying focused in providing affordable luxury to our core market segments,” he said.
Revenues from five malls in China contributed P1.39 billion in 2013, or 8 percent of total consolidated revenues.  Rental revenues from China operations also added 10 percent to SM Prime’s consolidated rental revenues.
Gross revenues of the five malls in China climbed 9 percent in the first half, largely due to improved mall productivity and lease renewals in the first three malls that were opened, namely SM Xiamen, SM Jinjiang and SM Chengdu. Average occupancy rate in the first three malls stood at 93 percent.
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