Sy-blings’ property arm delivers robust nine-month financial results as mall traffic surges

Sy-led SM Prime Holdings Inc. posted blockbuster earnings in the third quarter, pushing nine-month profit to P22 billion or an increase of 41 percent from the same period last year on the strength of its mall business.

Consolidated revenues grew 30 percent toP73.7 billion. Operating income jumped 61 percent to P34.6 billion.

Third quarter earnings almost doubled to P7.9 billion as revenues surged 74 percent to P27.3 billion. Operating income grew more than two-fold to P13.3 billion

SM Prime president Jeffrey Lim said the company is ready to proceed with its business plans given its strong financial performance.

Revenues from SM Prime’s Philippine mall business soared to P33.9 billion or 46 percent of the company’s consolidated revenues.

SM Prime resumed in July charging full rental fees across its Philippines malls after more than two years of providing rent concessions to its tenants.

SM Prime’s local malls chalked up P30.4 billion in rental income from January to September, double last year’s P15.2 billion.

SM Prime’s cinemas, event ticket sales, and other revenues skyrocketes to P3.5 billion from only P600 million a year ago.

Revenues from SM Prime’s China mall business, however, dropped seven percent to RMB0.55 billion.

SM Prime’s residential business group, led by SM Development Corp. reported a 12 percent drop in profit in the nine months through September even as third quarter revenues jumped.32 percent to P10.1 billion.

Reservation sales rose 15 percent to P24.5 billion in the third quarter. This brings year to date tally to P83.9 billion.
SM Prime’s other key businesses, which include offices, hotels, and convention centers, generated P7.2 billion in revenues, 56 percent higher than the previous year.

The office business segment reported a 17 percent hike in revenues to P4.4 billion while hotels and convention centers business registered P2.8 billion in revenues.

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