SM Malls revenues UP 88% to P15.4 Billion in first quarter

SM PRIME Holdings Inc. (SM Prime) booked a consolidated net income of P9.4 billion in the first three months of the year, 27 percent higher than the P7.4 billion net income recorded in the same period last year.

This is on the back of a 20 percent growth in consolidated revenues to P28.7 billion from P23.9 billion. Consolidated operating income rose to P13.9 billion, 30 percent higher than last year’s P10.7 billion.

SM Prime’s Philippine mall business, which accounts for 54 percent of the company’s consolidated revenues, recorded an 88 percent increase in revenues to P15.4 billion in the first quarter of 2023 from P8.2 billion in the first quarter of 2022.

SM Prime’s local malls’ rental income increased by 72 percent to P13 billion from P7.6 billion in the same period last year.

The growth is due to an increase in tenant sales and foot traffic, as well as full charging of rental fees that the company has implemented since the second half of 2022.

The company’s local cinema, ticket sales and other revenues rose by 288 percent to P2.5 billion from P0.6 billion.

Meanwhile, SM Prime’s China mall business registered RMB0.2 billion in revenues in the first three months of 2023, almost the same level as last year. (PR)