SM Prime Holdings Inc. reported a 12-percent increase in net income in the first nine months of the year to P33.9 billion from P30.1 billion last year.
Revenues hit P99.8 billion, up 8 percent from P92.6 billion.
In the third quarter profit rose by 11 percent to P11.8 billion while revenues grew by 7 percent to P35.1 billion.
“Our 30th anniversary is shaping up to be a milestone year, with results indicating we’re on track to finish with yet another banner year. For the remainder of the year, we anticipate continued growth due to the recent opening of SM City J Mall and the upcoming holiday season,” said Jeffrey Lim, SM Prime president.
SM Prime’s mall business, which accounts for 57 percent of consolidated revenues, reported P56.5 billion in total revenues, 8 percent higher than last year.
Mall rental income grew by 8 percent to P48.5 billion, while cinemas, event ticket sales and other revenues increased by 4 percent to P8 billion.
SM Prime’s primary residential business under SM Development Corp. posted revenues of P31.2 billion, up 9 percent. Reservation sales hit P47 billion.
“SM Prime’s other key businesses, which include offices, hotels, and convention centers, has reached P11.0 billion in revenues in the first nine months of 2024, 11 percent higher than P9.9 billion in the first nine months of 2023. The two business segments posted P5.5 billion revenues each,” the company said.
