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‘The redevelopment and new attractions at our flagship Mall of Asia drove strong foot traffic and tenant sales,’ says SM Prime president Jeffrey Lim
MANILA, Philippines – SM Prime Holdings reported a record P24.5 billion profit in the first half of the year thanks to higher rental income and real estate sales.
The Sy-led real estate developer on Monday, August 4, said its consolidated revenues grew 5% to P68 billion, with rental income from malls, offices, and meetings incentives, conferences and exhibitions bringing in 60% of its topline.
Meanwhile, real estate sales made up 29% of revenues and 11% were brought in from cinema ticket sales, beverage, amusement and related offerings.
Its malls segment accounted for 69% of earnings with the help of new openings, higher foot traffic, and strong occupancy.
Income from its residential projects also increased 2% to P5.1 billion on the back of revenue recognition from completed units and prior-year sales.
SM Prime’s president Jeffrey Lim attributed the mall giant’s record results to the redevelopment and new attractions at the Mall of Asia in Pasay City.
“The redevelopment and new attractions at our flagship Mall of Asia drove strong foot traffic and tenant sales,” he said.
“Robust consumer activity and improving business confidence also lifted contributions across our portfolio.”
With cooling inflation and the Bangko Sentral ng Pilipinas easing key interest rates, the Sy-led developer expects consumer sentiment to drive demand across its businesses moving forward.
SM Prime added that it is on track to spend P100 billion in capital expenditures by focusing on high-impact developments with long-term value.
– Rappler.com
