SM Prime Holdings, Inc. (PSE: SMPH) announced on Monday that the integrated property company earned P4.9 billion in the third quarter this year. This is 15 percent higher than last year’s 4.2 billion third quarter earnings.
Here are three fast facts about SM Prime Holdings’ Q3 net income up 15 percent.
1. SMPH stated in a company disclosure that its overall revenue for the third quarter is 14 percent higher to P18.5 billion from P16.3 billion during the same period of last year.
The company has a total of consolidated net income of P17.5 billion for the first nine months. The company added that its overall revenues improved by 11 percent to P57.8 billion from P52.2 billion in the first nine months.
2. SM Prime Executive said that the company’s growth is accounted to the continued growth of the economy.
“SM Prime sustained its overall performance as it benefited from the continued growth to the economy. The synergy and contribution of our business units are reflected in our strong results” SM Prime President Jeffrey Lim said. Lim added that the success of SMPH’s growth will continue along with the economic growth in the country.
SM Prime’s revenues from its malls have reached to P32.1 billion, with 9 percent increase from last year’s P29.4 billion. SM reported increase of sales of rentals, cinema and event tickets, and amusements and merchandise.
SM Prime China also contributed to the increase of net income. SM Prime’s China mall revenues rose by 5 percent to PHP3.1 billion from PHP2.9 billion.
3. The company said it is set to launch new projects within the year. These include the real estate development, including housing and commercial projects.
SM Prime will soon open its new malls in East Ortigas and Tianjin, China. Residential properties will also be developed, with target of developing 6000 units in Quezon, Pasay, and Tagaytay. Additional commercial properties will be developed, particularly the construction of Three E-Com and Four E-Com Centers. These projects will be under construction for the coming years.
The official website of SMPH stated that the company will serve to the ever-changing needs of consumers towards better economic growth.
What do you think of SM’s net income for 2016? Let us know in the comments section below.