SM Prime Holdings, Inc. (SM Prime) reported a 15% increase in consolidated net income to Php9.1 billion for the full year 2011, as compared to Php7.9 billion in 2010. Total revenues for the period rose by 13% to Php26.9 billion. These results include the operations of the four SM malls in China, which are located in the cities of Xiamen and Jinjiang in Southern China, Chengdu in Central China, and Suzhou in Eastern China.
SM Prime’s better than expected performance was brought about by a mix of expanded capacity from new malls in the Philippines that opened in 2010 and 2011, and a very healthy same-store rental growth of 7%. In addition, SM Prime’s four shopping malls in China sustained their robust growth, with net income doubling to Php889.0 million in 2011, from Php428.0 million in 2010. A tighter grip on operating expenses through the use of innovative energy conservation methods likewise contributed to the company’s rise in profits.
For full year 2011, SM Prime’s consolidated rental revenues contributed 85% to the company’s total revenues, and grew by 14% to Php22.8 billion.
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