SM Prime Holdings Inc. said it grew its first quarter profit by 11 percent to P10.5 billion from P9.4 billion last year. Revenues hit P30.7 billion, up 7 percent from P28.6 billion last year.
SM Prime’s mall business, which accounts for 59 percent of revenues, grew 7 percent P18.2 billion. Mall rental income reached P15.8 billion, an 8 percent increase, while other revenues, which includes cinema and event ticket sales, were recorded at P2.5 billion. SM Prime’s residential business group posted revenues of P8.5 billion, up 10 percent.
Reservation sales are at P26.5 billion. SM Prime’s other business segments, which composed of offices, hotels, and convention centers, hit P3.4 billion, up 9 percent.
“The company’s office business unit reported P1.8 billion revenues, while hotels and convention centers business unit reached P1.6 billion revenues in the first three months of 2024,” SM Prime said.
