SM Prime 9-mo profit hits P27.6B

Property giant SM Prime Holdings Inc. grew its net profit in the first nine months by 18 percent year-on-year to P27.6 billion on higher earnings across its shopping mall as well as residential and commercial property developments.

For the third quarter alone, SM Prime’s net profit went up by 22 percent year-on-year to P8.3 billion, driven by a 13-percent revenue growth to P27.98 billion, the Sy family-led property firm disclosed to the Philippine Stock Exchange on Monday.

For the nine-month period, SM Prime’s consolidated revenues rose by 14 percent year-on-year to P85.03 billion.

“SM Prime’s recent developments and expansion programs in various progressive cities in the Philippines have contributed significantly to the company’s strong performance in the first nine months of 2019. Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” SM Prime president Jeffrey Lim said.

SM Prime’s Philippine mall revenues grew by 8 percent year-on-year in the first nine months to P42.03 billion.

The residential business segment, led by SM Development Corp. (SMDC), accounted for 38 percent of the company’s consolidated revenues. This segment grew by 26 percent year-on-year to P31.92 billion.

Meanwhile, SM Prime’s commercial properties group and SM Hotels and Convention Centers posted a combined revenue growth of 11 percent in the first nine months to P6.83 billion.