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[:en]SM’s profit climbs [:zh]SM的利润攀升

[:en]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 peso…

SM opens retail podium

Filipino property developer SM Prime has opened its newest retail podium, Sun Mall, in Quezon City. Situated within SM Development Corporations’s condominium development, Sun Residences, Sun Mall is the third retail podium attached to an SMDC residential tower after Jazz Mall in Bel-Air, Makati and Mezza Strip in Quezon City. Sun Mall spans 15,000 sqm and offers a variety of commercial and retail stores that can accommodate the basic household needs of its residents. Service and retail …

SM Prime plans expansion

Filipino property developer SM Prime is earmarking 400 billion pesos ($9 billion) to support its five-year expansion plan. SM plans to increase its properties including shopping malls two-fold during the period. It is expecting revenues and net income to double during the same timeframe. The expansion plan includes expanding its shopping mall count to 85 from the current 53. By 2018, SM Prime plans to have 74 shopping malls in the Philippines and 11 in China. SM is also endeavoring t…

SM to list China malls

Filipino mall developer SM Prime plans to list its shopping malls in China through an initial public offering. The company plans to execute the plan once it has expanded its current portfolio of five, with one due to open in Shandong this year and another in Tianjin next year. It hopes to open 10 to 12 malls before the IPO. “The long term plan is that as soon as we have enough malls, then we can separately list the China malls, either in Hong Kong or Singapore,” says Jose Sio, CFO at SM. …

SM soars

Filipino mall developer SM Prime achieved 16.3 billion pesos ($365.9 million) in net earnings in 2013. Consolidated revenues rose five per cent to 59.79 billion pesos ($1.34 billion) from 57.22 billion pesos ($1.28 billion) a year ago. The increase was primarily due to the full-year effect of new malls opened in 2012, namely SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM Lanang Premier, and the opening in 2013 of SM Aura Premier. Excluding the ne…

SM plans further expansion

Filipino mall developer and operator SM Prime plans to spend 10 billion pesos ($220.7 million) to expand existing malls. SM Prime president Hans Sy said the company is optimistic because of the increasing purchasing power of Filipinos arising from expanding economy. “It’s the economy that we are positive about. We don’t wait for the economy to grow before we expand but we are looking positively at the economy. We are confident that it is sustainable,” Sy said. The Mall of Asia i…

SM opens new mall

Mall developer and operator SM Prime has opened its 48th mall in the Philippines – SM City BF. Spanning 120,200 sqm, SM City BF is the first mall to have four Director’s Club cinemas equipped with electronic recliner (lazyboy type) seats that can accommodate up to 200 movie goers. Including the Director’s Club cinemas, SM City BF also houses two premier cinemas with 180 seats each for a total of six digital cinemas in the mall. “We are introducing new facilities and more internation…

New malls lift SM’s income

Shopping mall developer SM Prime said that its net income grew 14 per cent to 8.43 billion pesos ($652 million) in the first nine months. The Philippines-based company’s gross revenues expanded 12 per cent to 24.8 billion pesos from 22.1 billion pesos in the same period last year. Rental revenues, which accounted for 85 per cent of total revenues, rose 12 per cent due to rentals from new SM Supermalls opened in 2012 and 2013, namely SM City Olongapo, SM City Consolacion, SM City San Fernan…

SM expanding Mindanao presence

Filipino mall developer SM Prime will open two new malls in Mindanao. The two malls are planned for Butuan City by next year and Cagayan de Oro City by late next year or early 2015. From its foray in 2001, SM Prime has four existing shopping malls in Mindanao – SM City Davao, SM City Cagayan de Oro, SM City General Santos and SM Lanang Premier. Mindanao is not as much as competitive as Manila so there’s a lot of cities to expand in, says Debby Go, assistant VP for Mindanao operations of…

SM’s profits rise

Filipino mall developer’s first half profit grows 15 per cent.

SM builds solar-powered mall

Filipino mall developer invests $2 million in Xiamen’s first solar-powered mall.

SM plans second ‘Mall of Asia’

New giant mall to rise in Cebu by 2015.