MANILA -- SM Prime Holdings said Monday net income in the January to March period grew 16 percent on the back of higher rental income and residential sales.
Net income attributable to shareholders reached P8.8 billion in the first quarter, compared to P7.6 billion during the same period in 2018, SM Prime said in a stock exchange filing.
Gross revenues grew 14 percent to P26.5 billion during the same comparable period while gross expenses grew 11 percent to P13.6 billion, it said.
"SM Prime continues to benefit from the overall growth of the Philippine economy that boosts the household income of most families," said company president Jeffrey Lim.
"We are optimistic that we will sustain this performance this year as we continuously expand our core businesses in developing provincial cities across the country," he said.
SM Prime's mall business posted P15 billion in revenues in the first quarter, up 8 percent and accounting for 56 percent of consolidated revenue.
Rental revenues grew 8 percent to P12.9 billion due to the opening of new shopping malls, it said.
SM Prime said it would open 4 new malls this 2019: SM Center Dagupan in Pangasinan, SM City Olongapo Central in Zambales, SM City Butuan in the Caraga Region and SM Mindpro Citimall in Zamboanga.
The conglomerate's residential group, led by SM Development Corp, saw a 23-percent rise in revenues to P9.2 billion, accounting for 35 percent of consolidated revenue.