SM Prime Q3 net income up 20% at P6.82 billion

Integrated property developer SM Prime Holdings Inc. (SMPH) on Monday reported a 20-percent growth in bottom line in the third quarter of the year, driven by the company’s expansion.

In a regulatory filing submitted by SMPH vice president Alexander Pomento, SMPH said its third-quarter net income grew by 20 percent to P6.82 billion from P5.66 billion a year earlier.

Revenue totaled P24.79 billion, up from P21.44 billion in the same comparable period.

In the first nine months of 2018, the company’s consolidated net income went up 17 percent to P23.44 billion from P20.05 billion year-on-year.

“Through the solid performances of our core businesses, we are positive that we will deliver the net income growth we committed when we integrated five years ago,” said SMPH president Jeffrey Lim.

“We intend to keep this growth trajectory to enrich more lives in the communities that we serve and deliver more sustainable integrated developments for the betterment of our country,” he said.

Fifty-eight percent of the revenue in the nine-month period was accounted for by the company’s mall business which gained P43.26 billion.

SMPH has 78 malls—71 in the Philippines and seven in China—with a total gross floor area of 9.5 million square meters.

The company opened four malls in the first nine months of the year, including SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, SM City Telabastagan in Pampanga, and SM City Legazpi in Albay.

In terms of its residential business, SMPH reported a 23-percent growth in revenue at P25.26 billion from P20.50 billion. —Jon Viktor Cabuenas/VDS, GMA News