SM Prime nets P4.27B in H1, up 14%

MANILA, Philippines—The country’s largest shopping mall developer and operator SM Prime Holdings expanded its first-semester net profit by 14 percent to P4.27 billion from a year ago as rental revenues maintained a double-digit growth.

For the second quarter alone, SM Prime reported a 15-percent growth in consolidated net income to P2.15 billion from the same period last year.

Consolidated revenues grew by 12 percent to P6.64 billion in the second quarter compared with a year ago.

Cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) for the April to June period rose by 13 percent to P4.48 billion, for an Ebitda margin of 68 percent.

“For the first half of this year, SM Prime exceeded expectations by continuing to implement its proven business model, which focuses on building long-term tenant relationships and effective innovation. This is further supported by a capable organization that is firmly committed to satisfy the various requirements of our millions of loyal customers,” SM Prime president Hans Sy said in a press statement.