SM Prime’s consolidated net profit grows by 12%, hits P2.12-B in Q1

MANILA, Philippines—SM Prime Holdings, the Philippines’ dominant shopping mall developer and operator, grew its first quarter consolidated net profit by 12 percent to P2.12 billion from a year ago on higher rental earnings.

SM Prime disclosed to the Philippine Stock Exchange on Tuesday that revenues grew by 13 percent to P6.07 billion during the first three months, while cash flow based on earnings before interest taxes, depreciation and amortization (EBITDA) rose by 11 percent to P4.19 billion, for an EBITDA margin of 69 percent.

“SM Prime’s performance for the first three months of the year is an encouraging start for us. While we keenly monitor the current economic developments such as inflation and fuel price hikes, as well as the political situation in the Middle East, we remain optimistic that the company’s growth trend seen in the first quarter will be sustained,” SM Prime president Hans Sy said.

During the period, rental fees still accounted for the largest share of SM Prime’s consolidated revenues, reaching P5.26 billion, up by 14 percent. This came from a combination of the 6 percent growth in same store rentals and the increased revenues from the four new malls in 2010.