SM Prime Q2 net income up 16%

SM Prime Holdings Inc. on Monday reported a double-digit climb in bottom line in the second quarter of the year, driven by the its core business.

Its overall net income rose 16% to P10.50 billion in the second quarter from the P9.02 billion last year.

Consolidated revenue grew by 16% to P30.51 billion from P26.41 billion.

“The country’s stable economy has helped SM Prime maintain its growth in all core businesses for the first half of 2019,” said SM Prime president Jeffrey Lim.

“We are optimistic to sustain this growth moving forward as we launch new projects with the goal of providing more integrated property developments across the Philippines,” he added.

SM Prime’s first-half net income was up 16% to P19.30 billion versus P16.62 billion a year earlier.

In the first six months of the year, mall revenue rose by 8% to P31.07 billion, residential revenue grew by 26% to P21.43 billion, and other businesses recorded a combined revenue growth of 13% to P4.63 billion.

The company ended the first half with 72 malls in the Philippines and seven in China, with total gross floor area of 9.3 million square meters.

This year, SM Prime is launching new malls such as the SM Center Dagupan, SM City Olongapo Central, SM City Butuan, and SM Mindoro Citimall.

Its 11 office buildings have a combined gross floor area of 642,000 sqm, with its first campus-building, the NU Tower, be launched in the second semester of 2091. —Jon Viktor Cabuenas/VDS, GMA News

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