MANILA - SM Prime Holdings Inc on Wednesday reported a 15 percent growth in net income for the first quarter of 2022 as it benefits from further easing of COVID-19 restrictions.
Consolidated net income reached P7.4 billion for the first 3 months, higher than the P6.5 billion in the same period last year, the Sy-led group told the stock exchange.
The growth is buoyed by the jump in consolidated revenues to P23.9 billion from P20.8 billion in the same period in 2021, it said.
"The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first 3 months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments," SM Prime President Jeffrey Lim said.
As an operator of the country's largest mall chain, real estate developments and other businesses, SM Prime gained significantly from the easing in restrictions and the decline in COVID-19 cases which boosted foot traffic in commercial areas.
Majority of the country remains under Alert Level 1.
Specifically, its mall business reported a 40 percent growth in revenues for the first quarter to P8.2 billion from P5.9 billion last year, SM Prime said.
Rental income for the quarter rose 34 percent to P7.6 billion from P5.6 billion, it added.
Its residential business, SM Development Corp (SDMC), posted P12 billion in revenues for the quarter, almost the same as last year's total, SM Prime said.
Other key businesses, which include offices, hotels, and convention centers also reported a 30 percent revenue growth, the group said.
SM operates over 70 malls in the Philippines and several outlets in China.