SM’s profit climbs
Philippines shopping mall developer SM Prime achieved a net income of 4.58 billion pesos ($103.10 million) during the first three months of the year. That’s 11 per cent higher than last year’s 4.11 billion pesos ($92.5 million). Consolidated revenues, rose three per cent year on year to 15.35 billion pesos ($345.6 million) from 14.95 billion pesos ($336.6 million). Rental revenues accounted for 56 per cent of revenue, and grew 12 per cent to 8.56 billion pesos in 2014 from 7.63 billion pesos a year earlier. The increase in rents was primarily due to new malls opened in 2012 and 2013 – SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM Lanang Premier, SM Aura Premier and SM City BF Parañaque. “We are off to a good start this year maintaining a steady growth for the first quarter of 2014. As we move towards our five-year roadmap, we are very optimistic that SM Prime will achieve its targets,” said SM Prime president Hans Sy. SM Prime will spend 70.57 billion pesos ($1.6 billion) this year, more than half of which will be used to fund mall developments in the Philippines and China. The developer plans to open more than 30 new malls in the Philippines and another 11 in China in the next five years.