MANILA - SM Prime Holdings booked a consolidated net income of P9.4 billion in the first quarter of 2023, the company disclosed to the stock exchange.

SMPH said this was 27 percent higher than the P7.4 billion it recorded in the same period last year.

The Sy-led property firm said the growth came on the back of a 20 percent growth in consolidated revenues to P28.7 billion from P23.9 billion.

“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," said SM Prime President Jeffrey Lim.

SM Prime said its Philippine mall business recorded an 88 percent increase in revenues to P15.4 billion in the first quarter of 2023 from P8.2 billion in the first quarter of 2022.

SM Prime’s residential business group, led by SM Development Corp meanwhile posted P8.5 billion in revenues, 29 percent lower than last year’s P12 billion.

"The reported decrease in revenue is still partly due to canceled sales as an effect of high inflation, rising domestic interest rates, and the lapse of Bayanihan Law. However, cancellations are beginning to moderate in the first quarter of 2023," the company said.

Revenues from other key businesses, which include offices, hotels, and convention centers, reached P3.2 billion in the first quarter of 2023, 59 percent higher from P2 billion in the first quarter of 2022, it added.

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