SM Prime nets P8.8 billion in Q1

Sy-led SM Prime Holdings Inc. saw its earnings grow by 16% in the first three months of the year, driven by the growth of the company's core businesses, with the biggest chunk coming from mall operations.

SM Prime on Monday said its net income rose to P8.8 billion in the first quarter of the year, an improvement from the P7.6 billion registered during the same period in 2018.

Consolidated revenues likewise posted a growth of 14% to P26.5 billion from P23.3 billion, while operating income grew 17% to P13.0 billion.

"SM Prime continues to benefit from the overall growth of the Philippine economy that boosts the household income of most families," said SM Prime President Jeffrey Lim.

"We are optimistic that we will sustain this performance
this year as we continuously expand our core businesses in developing provincial cities across the country," he added.

Mall operations accounted for 56% of consolidated revenues, reporting an 8% revenue growth to P15.0 billion, with the company set to open four new malls this year.

These four malls include SM Center Dagupan in Pangasinan, SM City Olongapo Central in Zambales, SM City Butuan in the Caraga Region, and SM Mindpro Citimall in Zamboanga.

SM Prime's residential group, led by SM Development Corp. (SMDC), recorded a 23% increase in revenues to P9.2 billion from P7.5 billion, accounting for 35% of the consolidated revenues. —KBK, GMA News