MANILA - SM Prime Holdings said Monday its net income in the second quarter rose 15 percent, on the back of sustained growth in its mall and residential businesses.
Net income in the April to June period rose to P7.79 billion from P6.75 billion during the same period last year. This brought net income in the first half to P14.39 billion, up 14 percent from P12.59 billion during the comparable period in 2016, SM Prime told the stock exchange.
Shares of SM Prime were down 0.44 percent to P33.80 after the earnings numbers were released, compared to a 0.39-percent rise in the Philippine Stock Exchange Index.
Consolidated revenues in the second quarter grew 10 percent to P43.25 billion from P39.23 billion during the same period last year. Operating income grew 13 percent to P20.11 billion from P17.85 billion.
Mall revenues, which account for 10 percent of consolidated revenues grew 10 percent to P25.68 billion. Cinema ticket sales were flat due to a lack of hit movies, SM Prime said.
Residential revenues, which contribute 32 percent to consolidated revenue, were up 5 percent to P13.91 billion.Reservation sales were up 22 percent to P27.55 billion, it said.
Revenues from other business, which included office rentals and Conrad Manila, were up 43 percent to P3.74 billion, it said.
"SM Prime’s performance in the first half of the year reflects a more balanced revenue and income streams from our various businesses including the growing contribution from our provincial operations," said company president Jeffrey Lim.