SM Prime says net income increased by 16% in third quarter

SM Prime Holdings Inc. said on Monday net income grew by 16 percent to P5.66 billion in the third quarter of the year, from P4.86 billion a year earlier.

"This led to a 15 percent increase in net income in the first nine months of 2017 to P20.05 billion from P17.45 billion last year,"  Alexander Pomento, SM Prime vice president for Investor Relations, told the Philippine Stock Exchange.

Consolidated revenue was up 12 percent at P64.69 billion from P57.78 billion, and overall operating income grew by 16 percent to P30.14 billion from P25.87 billion.

"The growth was due to additional rental revenues from mall expansions, consistent improvement in same-mall-sales, and higher contribution from residential sales," the integrated property developer said.

“SM Prime’s performance in the third quarter is a testament to the buoyant overall economy that benefits the whole property market," SM Prime president Jeffrey C. Lim said.

"The timely expansion of our malls and launches of our residential projects in the provinces are positively contributing to the strong performance of our company," he added. — VDS, GMA News