Property developer SM Prime Holdings Inc. said Monday consolidated net income in the third quarter nearly doubled to P7.9 billion from P4 billion in the same period last year on strong rebound of mall and residential businesses.
SM Prime said in a disclosure to the stock exchange consolidated revenues in the third quarter reached P27.3 billion, up by 74 percent from P15.7 billion a year earlier.
Consolidated operating income also surged 142 percent to P13.3 billion from P5.5 billion. “We are happy to report very encouraging result of our third-quarter operations which is aligned with the improvement in the local economy,” SM Prime president Jeffrey Lim said.
“With this, we are ready to proceed with our business plans to continually deliver value for our stakeholders,” said Lim.
SM Prime said that in the first three quarters, consolidated net income jumped 41 percent to P22 billion from P15.6 billion in the same period a year.
Consolidated revenues climbed 30 percent in the nine-month period to P73.7 billion from last year’s P56.8 billion.
Mall revenues more than doubled to P33.9 billion in the first three quarters from P15.8 billion in the same period last year.
SM Prime resumed charging full rental fees across its local shopping malls in July after more than two years of providing rent concessions to tenants because of the pandemic.
SM Prime’s residential business led by SM Development Corp. posed a 12-percent decline in revenues in the first three quarters to P28.1 billion from P32.1 billion on weaker sales in the first half of the year.
Third-quarter residential sales started to recover, registering a 32-percent increase in revenues to P10.1 billion from P7.6 billion in the same period last year.
SMDC’s reservation sales increased 15 percent to P24.5 billion in the third quarter from P21.2 billion a year ago.
The increase brought SMDC’s reservation sales to P83.9 billion in the first three quarters, up 10 percent year-on-year.
SM Prime’s other key businesses—offices, hotels and convention centers—generated P7.2 billion in revenues in the first three quarters, a 56-percent increase from a year ago.
The office business segment posted a 17-percent increase in revenues to P4.4 billion, while the hotels and convention centers business booked a 224-percent rise in revenues to P2.8 billion.