SM Prime Holdings, Inc., the Philippines’ leading integrated property company, reported a 12 percent growth in core net income the first quarter of 2016 to P5.8 billion while consolidated revenues rose 10 percent to P18.2 billion. “SM Prime’s massive expansion last year propelled our performance this quarter. Our strong balance sheet coupled with consistent recurring revenue and income should allow us to pursue our growth plans this year and in the medium term,” said SM Prime president Hans T. Sy.SM In the first quarter of the year, mall revenues surged 11 percent to P11.0 billion from P9.9 billion in the same period of 2015. Mall revenue alone accounted to 60 percent of SM Prime’s consolidated revenue, for which 85 percent of it comes from rental income. Growth was largely driven by new malls and expansion of existing malls in 2015. Excluding the new malls and expansions, same-store growth averaged 7 [...]
