The country’s largest mall developer and operator grew its profit in the low teens in 2014.
In a disclosure to the Philippine Stock Exchange, SM Prime Holdings Inc said its net income rose 13 percent to P18.9 billion last year from P16.7 billion in 2013.
The double-digit growth stemmed from an 11 percent increase in revenue to P66.2 billion from P59.8 billion over the same period.
“The encouraging financial performance in 2014 reiterates that the transformation of SM Prime into a property conglomerate is bearing fruits and trending above management expectations,” SM Prime president Hans T. Sy said.
“We expect this performance to be surpassed this year as the company pursues its 2015 expansion plans with the opening of four new malls, the completion of FiveE-comCenter and the launch of five new housing projects. This is to complement the expansion of existing malls and on-going construction of high-rise residential development projects,” said Sy, one of the sons of the country’s richest man, Henry Sy Jr.
Over half of the company’s revenue came from retail and commercial space rentals, which increased 13 percent to P36.5 billion last year from P32.2 billion in 2013.
The company ascribed the increase in rental revenue to the introduction of new malls and the expansion of existing ones over the past two years, including SM Aura Premier in Taguig, SM City BF Parañaque, Mega Fashion Hall in SM Megamall in Mandaluyong, SM City Cauayan in Isabela province and SM Center Angono in Rizal province. The new malls and expansion added 564,000 square meters to the company’s gross floor area.
Same-store rental revenue increased by 7 percent year-on-year.
SM Prime’s housing group, which accounted for a third of total revenue, grew by 7 percent to P22.2 billion last year from P20.8 billion in 2013. Reservation sales climbed to P35.9 billion in 2014 from P26.3 billion the year before, with most of the increase coming from Shore Residences and Air Residences in Pasay and Makati, respectively.
Cinema ticket sales chipped in P4.3 billion to SM Prime’s total revenue, and grew 14 percent from P3.7 billion in 2013. The company ascribed the increase to the opening of new digital cinemas and a spate of international and local blockbuster movies.
Excluding the new malls and expansion, same-store cinema ticket sales increase by 10 percent year-on-year.
Amusement and other revenue increased by 8 percent to P3.3 billion last year from P3 billion in 2013.
- Interaksyon
In a disclosure to the Philippine Stock Exchange, SM Prime Holdings Inc said its net income rose 13 percent to P18.9 billion last year from P16.7 billion in 2013.
The double-digit growth stemmed from an 11 percent increase in revenue to P66.2 billion from P59.8 billion over the same period.
“The encouraging financial performance in 2014 reiterates that the transformation of SM Prime into a property conglomerate is bearing fruits and trending above management expectations,” SM Prime president Hans T. Sy said.
“We expect this performance to be surpassed this year as the company pursues its 2015 expansion plans with the opening of four new malls, the completion of FiveE-comCenter and the launch of five new housing projects. This is to complement the expansion of existing malls and on-going construction of high-rise residential development projects,” said Sy, one of the sons of the country’s richest man, Henry Sy Jr.
Over half of the company’s revenue came from retail and commercial space rentals, which increased 13 percent to P36.5 billion last year from P32.2 billion in 2013.
The company ascribed the increase in rental revenue to the introduction of new malls and the expansion of existing ones over the past two years, including SM Aura Premier in Taguig, SM City BF Parañaque, Mega Fashion Hall in SM Megamall in Mandaluyong, SM City Cauayan in Isabela province and SM Center Angono in Rizal province. The new malls and expansion added 564,000 square meters to the company’s gross floor area.
Same-store rental revenue increased by 7 percent year-on-year.
SM Prime’s housing group, which accounted for a third of total revenue, grew by 7 percent to P22.2 billion last year from P20.8 billion in 2013. Reservation sales climbed to P35.9 billion in 2014 from P26.3 billion the year before, with most of the increase coming from Shore Residences and Air Residences in Pasay and Makati, respectively.
Cinema ticket sales chipped in P4.3 billion to SM Prime’s total revenue, and grew 14 percent from P3.7 billion in 2013. The company ascribed the increase to the opening of new digital cinemas and a spate of international and local blockbuster movies.
Excluding the new malls and expansion, same-store cinema ticket sales increase by 10 percent year-on-year.
Amusement and other revenue increased by 8 percent to P3.3 billion last year from P3 billion in 2013.
- Interaksyon
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