Property developer SM Prime Holdings Inc. said Monday it booked a net income of P10.5 billion in the first quarter of 2024, an 11-percent increase from P9.4 billion in the same period last year.
SM Prime said in a regulatory filing its consolidated revenues rose 7 percent in the first three months to P30.7 billion from P28.6 billion a year ago.
Consolidated operating income grew 6 percent year-on-year to P14.7 billion
“We are encouraged with the performance of all our business s this first quarter of 2024. We are particularly bullish with our malls business as we plan to open a new mall this month of May, and another three within the year. For the residential business, our focus remains in addressing housing backlog within the socialized and economic segments,” SM Prime president and chief executive Jeffrey Lim said.
The group’s mall business, which accounted for 59 percent of the consolidated revenues, recorded revenues of P18.2 billion from January to March, higher by 7 percent than a year ago level.
Mall rental income grew 8 percent to P15.8 billion, while other revenues which include cinema and event ticket sales totaled P2.5 billion in the first quarter.
The property firm plans to open four new malls, which would add 400,000 square meters of gross floor area to its portfolio this year.
SM Prime’s residential business group reported P8.5 billion revenues in the first three months of 2024, up by 10 percent from last year’s P7.7 billion. Reservation sales reached P26.5 billion in the first quarter.
SM Prime’s residential unit SM Development Corp. plans to launch 8,000 to 10,000 units with projects mostly outside Metro Manila in 2024.
SM Prime’s other business segments, composed of offices, hotels and convention centers, also registered a 9-percent growth in first -quarter revenues to P3.4 billion.
The company’s office business unit reported P1.8 billion in revenues, while hotels and convention centers business unit reached P1.6 billion in the first three months of 2024.
SMPH earlier said it would spend P100 billion this year, of which 60 percent would be for construction development and 40 percent for land banking and reclamation project.