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
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