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

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.