MANILA - SM Prime Holdings posted a net income of P5.66 billion in the third quarter, up 16 percent from P4.86 billion in the same period last year.
The company said additional rental revenues from mall expansions, consistent improvement in same-mall-sales and higher contribution from residential sales contributed to the growth.
SM Prime said its net income in the first nine months of 2017 reached 20.05 billion, up 15 percent from P17.45 billion during the same period last year.
“SM Prime’s performance in the third quarter is a testament to the buoyant overall economy that benefits the whole property market. The timely expansion of our malls and launches of our residential projects in the provinces are positively contributing to the strong performance of our company," SM Prime president Jeffrey C. Lim said in a statement.
"Given all these, we remain optimistic that we are on track to meet our growth target this year,” Lim added.
The company currently operates 65 shopping malls in the Philippines and 7 in China. It will also open two new malls this year in Batangas and Bulacan.
It also operates several residential properties and office buildings.