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Magazines Archives - 2008 May
SM group posts first-quarter
income gains in the Philippines
Story
4
RENTAL from new
malls supported major Philippine mall developer SM Prime
Holdings Inc in the first quarter of the year.
In a report to the Philippine Stock Exchange, SM said net income
for the January-March 2008 period rose 7% to 1.6 billion pesos
(US$37.5 million). Revenues went up by 8% to 3.8 billion
pesos, due largely to contribution from the group’s three new
malls.
Total mall rentals, which accounted for 85% of the group’s
overall revenue, grew 10% to 3.3 billion pesos. Samestore rental
growth was up 5%, despite the ongoing redevelopment of SM
Megamall and SM North Edsa, two of the group’s biggest malls, SM
said.
However, ticket sales at SM’s multiplexes were flat for the
period.
“SM Prime continued to exhibit growth in the first quarter amid
a more challenging environment as we stay focused on making SM
malls exciting places to shop, dine, and spend time with family
and friends. As such, we are moving ahead with our expansion
programme as planned,” said SM Prime president Hans T Sy, Jr.
SM is set to open three new malls this year, bringing the total
number it owns to 33. It is also expanding two of its properties
and aims to offer 4.2 million sqm of mall space by year-end.
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