SM Prime profit rises 16% in first 3 months this Year

May 29, 2019Updated May 25, 20251 min read

Philippine property giant SM Prime Holdings says its net income in the first quarter increased 16 percent based on higher rental income and residential sales.

Gross earnings increased 14 percent to PHP26.5 billion (US$508.1 million) during the time period, while total outgoing grew 11 percent to PHP13.6 billion ($260.7 million). Net income attributable to shareholders hit PHP8.8 billion ($168.7 million) in the first quarter, in comparison with PHP7.6 billion ($145.7 million) for the same period a year earlier.

“SM Prime continues to benefit from the overall growth of the Philippine economy that boosts the household income of most families,” said SM Prime president Jeffrey Lim. “We are optimistic that we will sustain this performance this year as we continuously expand our core businesses in developing provincial cities across the country.”

The firm plans to launch four new malls this year in Pangasinan, Zambales, Caraga and Zamboanga.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox