MANILA, Philippines – Property developer and mall operator SM Prime Holdings' net income soared by 18% to P27.6 billion in the 1st 9 months of 2019, as it sold more residential units in key growth areas within and outside Metro Manila during the period.
SM Prime's residential segment, SM Development Corporation (SMDC), accounted for almost 40% of its consolidated revenues.
SMDC's revenues reached P31.9 billion in the January-September period from the P25.3 billion a year ago, representing a 26% growth year-on-year.
Its sales in Pampanga, Cavite, Quezon City, Rizal, and Parañaque City, as well as the rapid take-up of its projects in Mall of Asia and Makati City, were the primary growth drivers.
The Bay area, where Mall of Asia is located, as well as Makati City, are among the areas where Chinese online gambling workers operate.
"Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the 4th quarter of the year," SM Prime president Jeffrey Lim said.
SMDC's performance boosted SM Prime's revenues by 14% to P85 billion from P74.6 billion during the same period last year.
For the 3rd quarter, SM Prime's net income grew by 22% to P8.3 billion, while its revenues jumped by 13% to P28 billion.
Meanwhile, mall revenues recorded a decent 8% growth for the 1st 9 months to P42 billion. – Rappler.com