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Bacolod City, PhilippinesTuesday, October 30, 2012
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SM Prime profits up

MANILA – SM Prime Holdings Inc., posted a 15 percent increase in consolidated net income for the first nine months of 2012, amounting to P7.40 billion from P6.41 billion during the same period in 2011.

Revenues, on the other hand, reached P22.10 billion from P19.27 billion, for a 15 percent increase, year-on-year.

EBITDA for the period rose 12 percent to P14.60 billion, for an EBITDA margin of 66 percent.

The growth was largely due to rentals from new Philippine malls opened in 2010 and 2011, same store sales of 8 percent, and the improved performance of SM’s China malls.

SM Prime also posted a 16 percent increase in net income to P2.48 billion for the third quarter of 2011, from P2.14 billion during the same period last year.

Revenues from July to September this year reached P7.52 billion, for a 15 percent increase, year-on-year.

EBITDA for the three months stood at P4.89 billion, for an increase of 13 percent and an EBITDA margin of 65 percent.

 “Our performance for the first nine months of 2012 gives us confidence in reaching our full-year target,” SM Prime president Hans Sy said

Operating expenses during the first nine months of 2012 rose by 14 percent to P10.45 billion from P9.12 billion in 2011 due to increase in administrative expenses, particularly, utilities and manpower expenses, business taxes, and film rentals. Income from operations jumped to P11.65 billion, up 15 percent from P10.14 billion.

In terms of gross revenues, the four malls in China contributed P1.90 billion in 2012 and P1.49 billion in 2011, or 9 percent and 8 percent of total consolidated revenues, respectively.

Gross revenues of the four malls in China increased by 27 percent in 2012 compared to the same period in 2011 due to improvements in the average occupancy level, lease renewals, and the opening of SM Xiamen Lifestyle and SM Suzhou which added 182,000 square meters of gross floor area. The average occupancy rate for the four malls in China is now at 96 percent.

SM Prime has 46 supermalls in the Philippines with a total gross floor area of 5.5 million square meters.

The company also has four supermalls located in the cities of Xiamen, Jinjiang, Chengdu and Suzhou in China with a total gross floor area of 0.6 million square meters.

For the first nine months of 2012, SM Prime opened SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga, SM City General Santos in South Cotabato and SM Lanang Premier in Davao City. In December, SM Chongqing in China is scheduled to open.

By year-end, SM Prime will have 46 malls in the Philippines and five in China with an estimated combined gross floor area of 6.3 million square meters.*PNA

 

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