MANILA — SM Prime Holdings said Monday its net income in the quarter ending September rose 20 percent to P6.82 billion, driven by its expansion across the country.
Consolidated net income in the January to September period rose 17 percent to P23.44 billion, the holding firm of the country’s richest man, Henry Sy, told the stock exchange.
SM’s shopping mall business delivered 58 percent of total revenues, followed by residences with 34 percent while its other business accounted for 8 percent.
“SM Prime’s continuous growth as reflected in our first nine-month report shows the results of our strategic expansion in various developing cities in the country,” said SM Prime President Jeffrey Lim.
Same mall sales grew 8 percent, driving mall rental revenues 12 percent higher to P36.83 billion. SM credited the expansion to the opening of new provincial malls.
Cinema and event ticket sales grew 17 percent to P3.92 billion, aied by box office hits like Star Cinema’s “The Hows of Us” and Hollywood hits like “Avengers: Infinity War,” “Black Panther,” “The Nun” and “Jurassic World: Fallen Kingdom.”
SM Prime has 78 malls, 71 in the Philippines and 7 in China, with a total gross floor area 9.5 million square meters. It opened 4 malls in the first 9 months of the year.