SM Prime Holdings H1 net income up 16%

Property developer SM Prime Holdings Inc. (SMPH) reported on Monday a 16-percent growth in its overall net income in the first semester of the year, buoyed by the company’s ongoing expansion.

In a regulatory filing submitted by vice president Alexander Pomento, SMPH said its overall net income grew to P16.62 billion in the first half of the year from P14.39 billion a year earlier.

Consolidated revenue was up 15 percent at P49.77 billion from P43.25 billion, while operating income rose by 16 percent to P23.36 billion from P20.11 billion.

“SM Prime’s expansion projects in various progressive provincial areas in the Philippines, as well as bolstered presence in Metro Manila, allowed the company to maintain double-digit growth in all of our businesses,” said SMPH president Jeffrey Lim.

Revenue from mall operations grew by 12 percent to P28.71 billion, accounting for 58 percent of SMPH’s consolidated revenue.

SMPH operates 77 malls, 70 in the Philippines and seven in China.

The company’s residential business under SM Development Corp. accounted for 34 percent of consolidated revenue at P17.05 billion, while hotels and convention centers posted P4.11 billion.

The company has 38 residential projects, nine commercial projects, six hotels, four convention centers and three trade halls. SMPH also owns Sky Ranch, an amusement park in Tagaytay City and at SM City Pampanga.

The company’s subsidiaries are SM Development Corporation, Costa del Hamilo Inc., Highlands Prime Inc., Tagaytay Resort Development Corporation, SM Arena Complex Corporation, SM Hotels and Conventions Corp., and SM Land (China) Limited. —Jon Viktor Cabuenas/VDS, GMA News