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SM Prime posts 27% profit rise as businesses recover

SY-LED SM Prime Holdings, Inc. reported a 27% increase in first-quarter consolidated net income to P9.4 billion after the rebound of its recurring businesses, the company said on Monday.

In a disclosure to the stock market, the listed property developer said consolidated revenues for the period reached P28.7 billion, up 20% from P23.9 billion in the same period the prior year.

“We are pleased to report a strong first quarter consolidated financial performance on SM Prime’s business. This is a testament to the resilience of our businesses, and the hard work and dedication of our employees,” SM Prime President Jeffrey C. Lim said in a statement.

“Particularly, our recurring businesses have remarkably bounced back after being hit by the mobility restrictions and economic disruptions,” Mr. Lim added.

The company’s local mall business registered an 88% rise in consolidated revenues to P15.4 billion from P8.2 billion, accounting for about 54% of SM Prime’s top line for the period.

It booked a 72% increase in rental income to P13 billion in the quarter from P7.6 billion in the same period last year, due to an increase in tenant sales, foot traffic, and full rental fee charging.

Its local cinema, ticket sales, and other revenues soared to P2.5 billion from P600 million. Its China mall business recorded revenues of 200 million renminbi (RMB) or almost the same as the prior year.

The company’s residential business group, led by SM Development Corp. (SMDC), booked 29% lower revenues to P8.5 billion from P12 billion because of canceled sales from high inflation, rising interest rates, and the lapse of the Bayanihan Law.

Its sales take-up rose by 15% to P35.8 billion from P31.1 billion, translating into a 23% increase in unit sales to 7,523 for the three-month period from 6,110 the prior year.

SM Prime’s other businesses, which include offices, hotels, and convention centers, recorded total revenues of P3.2 billion, up 59% from P2 billion the prior year.

The company’s office segment reported a 25% increase in revenues to P1.7 billion from P1.4 billion. Its hotels and convention centers more than doubled their revenues to P1.5 billion from P700 million.

“We remain optimistic about the long-term prospects of the Philippines economy and the property industry. We will continue to leverage our strengths and capabilities to create value for all our stakeholders,” Mr. Lim said.

On Monday, SM Prime shares fell by 2.92% or P1 to P33.30 apiece. — Adrian H. Halili

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