SM Prime first-half earnings up 15%
MANILA, Philippines — Earnings of the Philippines' largest mall developer and operator SM Prime Holdings Inc. grew 15% in the first 6 months of 2013 on higher rental income from existing and new malls.
In a statement on Monday, July 29, the Henry Sy-led firm said its January-June net income rose to P5.64 billion from P4.92 billion a year ago.
Revenues went up 14% to P16.55 billion from P14.57 billion, with rental revenues rising 12% to P13.9 billion from P12.4 billion.
SM Prime opened 6 new malls in the Philippines with total gross floor area of 698,000 square meters.
Meanwhile, its 5 malls in China contributed 8% to total revenues and 10% to rental revenues.
SM Prime has 47 malls in the Philippines. Its malls in China are located in Xiamen, JinJiang, Chengdu, Suzhou and Chongqing.
The company will open a new mall in Parañaque City to bring the total number of its shopping centers to 48 by yearend. – Shadz Loresco, Rappler.com
In these changing times, courage and clarity become even more important.
Take discussions to the next level with Rappler PLUS — your platform for deeper insights, closer collaboration, and meaningful action.
Sign up today and access exclusive content, events, and workshops curated especially for those who crave clarity and collaboration in an intelligent, action-oriented community.
As a bonus, we’re also giving a free 1-year Booky Prime membership for the next 200 subscribers.
You can also support Rappler without a PLUS membership. Help us stay free and independent by making a donation: https://www.rappler.com/crowdfunding. Every contribution counts.