Sy-blings’ real estate arm SM Prime Holdings sustained its growth momentum with net earnings rising 15 percent to P7.4 billion in the first quarter as pandemic restrictions continue to ease.
The growth in profit was driven by a 15 percent jump in consolidated revenues to P23.9 billion.
Consolidated operating income grew 17 percent to P10.1 billion.
“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” SM Prime president Jeffrey Lim said.
Revenues from the group’s Philippine mall business jumped 40 percent to P8.2 billion as the easing of community quarantine levels in key areas in the country allowed more shops to operate.
As a result, rental income grew 34 percent P7.6 billion.
Cinema, event ticket sales, and other revenues soared to P600 million or three times the P200 million reported last year.
SM Prime’s China mall business chalked up RMB0.205 billion revenues, up three percent from a year ago.
Meanwhile, the residential business under SM Development Corp. reported flat revenues amounting to P12 billion. Sales take-up reached
P31.1 billion, mostly coming from the company’s vertical residential developments in Mandaluyong, Parañaque and Makati.
“We remain optimistic this year as the government continues its efforts in containing the spread of COVID-19,” Lim said.
Revenues from SM Prime’s other key businesses, which include offices, hotels, and convention centers, surged 30 percent to P2 billion.
The office business segment recorded P1.4 billion in revenues, up 11 percent while the hotels and convention centers segment jumped by 104 percent to P600 million.