SM Prime profit jumps 18%

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    SM Prime Holdings Inc. said profit for the first nine months of the year reached P27.60 billion, up 18 percent from P23.44 billion a year ago.

    Revenues amounted to P85.03 billion, up 14 percent from P74.56 billion last year.

    Profit for the third quarter hit P8.30 billion, up 22 percent from P6.82 billion, on the back of revenues of P27.98 billion, up 13 percent from last year’s P24.79 billion.

    “SM Prime’s recent developments and expansion programs in various progressive cities in the Philippines have contributed significantly to the company’s strong performance in the first nine months of 2019. Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” said Jeffrey Lim, SM Prime president.

    The company said its mall business posted revenues of P42.03 billion, up 8 percent from P38.86 billion last year.

    The residential business meanwhile saw unit SM Development Corp., (SMDC), post revenue of P31.92 billion, up 26 percent from P25.26 billion last year. Gross profit margin improved to 53 percent from 50 percent.

    SMDC reported a 26 percent growth in reservation sales at P66.42 billion, from P52.80 billion last year.

    The commercial properties group (CPG) and SM hotels and convention centers (SMHCC), posted a combined revenue growth of 11 percent in the first nine months of the year to P6.83 billion from P6.17 billion of the same period last year.

    The CPG and SMHCC’s combined operating income increased by 16 percent to P3.36 billion from P2.89 billion, while operating income margin increased to 49 percent.