MANILA, Philippines - Mall developer SM Prime Holdings Inc. said Thursday its earnings in the first nine months of the year climbed 14% due to higher store sales and income from new malls.
In a statement, SM Prime said its January to September 2011 net income was P6.41 billion against P5.62 billion in the same period last year.
Consolidated revenues grew 13% to P19.27 billion from P17.03 billion. Rental revenues contributed 85% to the total at P16.45 billion, a 15% growth from last year.
"The company's better-than-expected results may be attributable to last year's further expansion, which added 289,000 square meters in net leasable space. On top of this, same store rental grew 7%," the developer said.
SM Prime president Hans Sy added, "the notable results delivered by SM Prime so far this year give us greater confidence in attaining our full-year target for both the Philippines and China, especially since we are moving towards the holiday season."
SM malls that opened last year included SM City Calamba, SM City Novaliches, SM City Tarlac,
and SM City San Pablo. Early this year, SM opened new malls in Antipolo City and Suzhou in China.
For the rest of the year, the company is scheduled to open SM malls in Pampanga and Olongapo, Zambales, and SM Marketmall in Dasmariñas, Cavite. It will also expand two existing malls, namely, SM City Davao and SM City Dasmariñas.
By the end of 2011, SM Prime expects to have 48 malls in the Philippines and in China, with a combined gross floor area of 5.9 million square meters.