MANILA - SM Prime Holdings Inc said Monday it posted P22 billion in consolidated net income in the first 9 months of 2022, higher by 41 percent compared to the same period last year.

Consolidated revenues rose 30 percent to P73.7 billion from last year's P56.8 billion, the Sy-led group told the stock exchange.

Net income in the third quarter doubled to P7.9 billion while consolidated revenues for the period have reached P27.3 billion, up 74 percent, the company said.

"We are happy to report very encouraging result of our third quarter operations, which is aligned with the improvement in the local economy. With this, we are ready to proceed with our business plans to continually deliver value for our stakeholders," SM Prime President Jeffrey Lim said.

SM Prime, which operates SM Supermalls, said its mall business' revenues accounted for 46 percent of the company's consolidated revenues in the first 3 quarters of the year.

SM recently announced the resumption of charging full rental rates after over 2 years or providing rent reprieve to tenants hit by the restrictions to curb the COVID-19 pandemic. [RENT REPRIEVE https://news.abs-cbn.com/business/03/18/20/sm-waives-rent-for-mall-tenants-during-covid-19-lockdown]

SM Prime's local malls reported a P30.4 billion rental income in the first 9 months of 2022.

Meanwhile, SM Development Corp (SMDC) posted P28.3 billion in revenues from January to September 2022, lower than the P32.1 billion in 2021, the company said.

SM Prime's other businesses include offices, hotels and convention centers, among others.

• SM sticking to plan to build 5-7 malls a year despite pandemic disruptions
• SM Prime opens 80th mall in Tanza, Cavite
• SM Prime 9-month income down 48 pct, core business sees 'slight recovery' as restrictions ease

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