SM Prime profit rises 16% in first 3 months this Year
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Philippine property giant SM Prime Holdings says its net income in the first quarter increased 16 percent based on higher rental income and residential sales.
Gross earnings increased 14 percent to PHP26.5 billion (US$508.1 million) during the time period, while total outgoing grew 11 percent to PHP13.6 billion ($260.7 million). Net income attributable to shareholders hit PHP8.8 billion ($168.7 million) in the first quarter, in comparison with PHP7.6 billion ($145.7 million) for the same period a year earlier.
“SM Prime continues to benefit from the overall growth of the Philippine economy that boosts the household income of most families,” said SM Prime president Jeffrey Lim. “We are optimistic that we will sustain this performance this year as we continuously expand our core businesses in developing provincial cities across the country.”
The firm plans to launch four new malls this year in Pangasinan, Zambales, Caraga and Zamboanga.
Questions & Answers
Q.What were the primary reasons for SM Prime's net income increase in the first quarter?
What were the primary reasons for SM Prime's net income increase in the first quarter?
SM Prime's net income rose due to higher rental income from its properties and increased residential sales. These factors contributed to the overall growth reported by the company.
Q.How much did SM Prime's total outgoing expenses grow in the first three months of this year?
How much did SM Prime's total outgoing expenses grow in the first three months of this year?
The company's total outgoing expenses increased by 11 percent during the first quarter. This amounted to PHP13.6 billion ($260.7 million) for the period.
Q.What are SM Prime's expansion plans for its core businesses this year?
What are SM Prime's expansion plans for its core businesses this year?
SM Prime intends to launch four new malls this year. These new developments are planned for provincial cities in Pangasinan, Zambales, Caraga, and Zamboanga.
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