SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, said Tuesday net income rose 15 percent in the first quarter to P7.4 billion from P6.5 billion in the same period last year on the reopening of the economy.
SMPH said in a disclosure to the stock exchange consolidated revenues also grew 15 percent year-on-year to P23.9 billion, boosted by higher mall revenues and steady residential sales.
“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” SM Prime president and chief executive Jeffrey Lim said.
Consolidated operating income climbed 17 percent to P10.1 billion in the first quarter from P8.7 billion a year ago.
Mall business registered a 40-percent growth in revenues to P8.2 billion. Rental income climbed 34 percent to P5.6 billion, as the easing of community quarantine levels in key areas enabled more shops to operate.
SM Prime’s cinema, event ticket sales and other revenues increased by 172 percent to P600 million from January to March from P2 million a year earlier.
SM Prime’s China mall business recorded RMB0.205 billion revenues in the first three months, up 3 percent from RMB0.199 billion a year earlier.
Residential business group, led by SM Development Corp., reported P12 billion in revenues in the first quarter, almost the same as the previous year.
Reservation sales from January to March posted P31.1 billion, mostly coming from the company’s vertical residential developments in the cities of Mandaluyong, Parañaque and Makati.
“Despite the sudden COVID-19 cases surge in January 2022, we were able to maintain our growth momentum in the succeeding months while prioritizing the health and safety of all our stakeholders. We remain optimistic this year as the government continues its efforts in containing the spread of COVID-19,” Lim said.
Meanwhile, SM Prime’s offices, hotels and convention centers business reported a 30-percent growth in revenues to P2.0 billion in the first quarter from P1.6 billion in the same period in 2021.