SMPH’s profit hits P22B as crowds return to malls

CONSUMER POWER Shoppers are back in droves with the easing of mobility protocols. —Photo by SM Mall of Asia

Property giant SM Prime Holdings (SMPH) saw its nine-month consolidated net income grow by 41 percent to P22 billion, thanks to the resurgence of mall activities.

In a disclosure on Monday, SMPH reported that its consolidated revenues had risen by 30 percent to P73.7 billion in January to September while operating income climbed by 61 percent to P34.6 billion from the same period last year.

Its net income for the third quarter alone, meanwhile, nearly doubled to P7.9 billion from P4 billion a year ago.

“We are happy to report a very encouraging result of our third quarter operations, which is aligned with the improvement in the local economy. With this, we are ready to proceed with our business plans to continually deliver value for our stakeholders,” SMPH president Jeffrey Lim said in a press statement on Monday.

SMPH’s local mall business revenues, which accounted for nearly half of its top line, more than doubled to P33.9 billion during the period.

Local mall rental income improved by twofold to P30.4 billion while cinema, event ticket sales and other revenues accelerated to P3.5 billion for the nine-month period from just P600 million a year ago. Revenues from its China malls, meanwhile, dropped by 7 percent to 550 million renminbi.

The residential business group, led by SM Development Corp. (SMDC), saw its revenues slide by 12 percent to P28.3 billion in January to September from the same period a year ago.

An indicator of future revenue trajectory, SMDC booked reservation sales of P83.9 billion for the period, 10 percent more than the previous year’s level. INQ