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MANILA, Philippines – SM Prime Holdings, Inc. (PSE:SMPH), the Philippines’ leading integrated property company, reports a 15 percent net income growth in the third quarter of 2016.
The net income of the property company grew from P4.2 billion to P4.9 billion against last year record of the same period. The overall revenues, on the other hand, climbed from P16.3 billion to P18.5 billion, a 14 percent increase. Consolidated net income reached P17.5 billion, which is a 13 percent increase from P15.5 billion last year.
The total profit of the company increased from P52.2 billion to P57.8 billion, an 11 percent increase due to sustained growth of its core businesses, which include sales of real estate and rental operations.
Returns from malls in the Philippines increased from P29.4 billion to P32.1 billion, which is a rise by 9 percent. Rental operations grew by 11 percent, which is equivalent to P26.9 billion from P24.2 billion last year. Biggest contributors are the similar mall sales, which increased by seven percent, and new spaces for retail now at one million square meters (sqm) in gross floor area (GFA). The expansion of retail spaces were done in the previous couple of years.
The sales from cinema and event tickets increased from P3.4 billion to P3.44 billion. Amusement and merchandise returns stood by its similar record last year of P1.8 billion. Operating income climbed by 10 percent from P16.1 billion to P17.8 billion. While, the margins perked up from 54.9 percent to 55.3 percent.
The revenues of SM Prime’s China mall increased from P2.9 billion to P3.1 billion, a five percent increment. On the other hand, its operating income improved by six percent from P1.4 billion to P1.5 billion. It also maintained its 48 percent margin for operating income.
SM Development Corporation (SMDC) contributed 32 percent to the consolidated revenues of the property company. Its returns increased from P16.9 billion to P18.7 billion, a 10 percent climb.