SOUTHEAST Asian property giant SM Prime Holdings Inc. posted a 70-percent year-on-year growth in consolidated net income to P22.9 billion in the first nine months, boosted by one-time trading gains early in the year.
On a recurring basis, SM Prime’s nine-month net income increased by 15 percent year-on-year to P15.5 billion in the same period, the company disclosed to the Philippine Stock Exchange on Monday.
Recurring income growth for the third quarter was likewise up by 15 percent year-on-year to P4.2 billion.
Consolidated revenues rose by 9 percent year-on-year P52.2 billion in the first nine months. In the third quarter, revenues likewise by increased 13 percent to P16.2 billion.
SM Prime booked P7.4 billion in one-time trading gains on marketable securities in the first quarter of the year.
“SM Prime’s expansion across all its various business portfolios since 2013 has driven its strong
financial performance this year. We expect SM Prime’s growth to be sustained as we continue
to increase our mall footprint by 13 percent this year. We are excited to launch SM Seaside Cebu later
this year, a landmark project in the Visayas region. We see Metro Cebu as one of our important
growth corridors following our growth track in Metro Manila,” SM Prime president Hans Sy
said.