SM Prime Holdings Inc. grew its first quarter profit to P7.4 billion, up 15 percent from P6.5 billion last year.
Revenues hit P23.9 billion, up 15 percent from P20.8 billion last year.
“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” said Jeffrey Lim, SM Prime president.
SM Prime said its mall business posted revenues of P8.2 billion, up 40 percent from P5.9 billion last year.
“The easing of community quarantine levels in key areas in the country, which allowed more shops to operate, has provided the company with P7.6 billion in rental income, 34 percent higher than P5.6 billion in 2021. SM Prime’s cinema, event ticket sales, and other revenues increased by 172 percent to P600 million from P200 million in 2021,” it said.
SM Prime said its China mall business psted RMB205 million in revenues, up 3 percent from RMB199 million last year.
The residential business under SM Development Corp. posted P12 billion in revenues, flat relative to last year. Sales takeup hit P31.1 billion, mostly coming from the company’s vertical residential developments in Mandaluyong, Parañaque and Makati.
SM Prime’s other key businesses, which include offices, hotels, and convention centers, posted a P2 billion revenues, up 30 percent from P1.6 billion in 2021.
“The company’s office business segment recorded P1.4 billion, 11 percent higher from the first quarter of last year, while the hotels and convention centers business segment recorded P600 million from, 104 percent higher in the same period in 2021,” SM Prime said.
“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” said Jeffrey Lim, SM Prime president.
