SM Prime income grows

Property giant SM Prime income grew 13 per cent in the first quarter to PHP6.6 billion (US$132.5 million), thanks to higher earnings from its shopping malls.

Its consolidated revenues for the three months reached PHP20.51 billion, up 12 per cent from the same period last year.

“As we continue our strategic rollout of projects, we are optimistic our growth will be sustained by the overall expansion of the Philippine economy,” says SM Prime president Jeffrey Lim.

Rental revenues rose by 12 per cent year-on-year to PHP12.07 billion with mall openings and expansions over the past two years. The developments added 1.1 million sqm in total gross floor area (GFA) to the firm’s portfolio.

Of the total rental revenues, 88 per cent was contributed by the malls while the rest was generated from offices, hotels and convention centers. SM Prime has 60 malls in the Philippines and seven in China, with a combined GFA of 9 million sqm.

Excluding the impact of openings and expansions, same-store rental growth stood at 7 per cent.

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