SM Prime 9-month earnings reach P33.9B

MANILA, Philippines — Real estate giant SM Prime Holdings Inc., led by the billionaire Sy family, booked a 12-percent gain in nine-month earnings to P33.9 billion, buoyed by growth in the mall business.

In a stock exchange filing on Monday, SM Prime said revenues also expanded by 8 percent to P99.8 billion in the January to September period.

The developer’s earnings already account for 84.75 percent of its full-year net income of P40 billion last year. In the third quarter alone, SM Prime’s profits reached P11.8 billion.

“For the remainder of the year, we anticipate continued growth due to the recent opening of SM City J Mall and the upcoming holiday season,” SM Prime President Jeffrey Lim said.

The mall business’ revenues inched up by 8 percent to P56.5 billion, accounting for 57 percent of the company’s total.

Mall rental income likewise climbed by 8 percent to P48.5 billion.