The gain reflects broad economic recovery and robust domestic consumption across malls and residential projects.
Management’s view
“The redevelopment and new attractions at our flagship Mall of Asia drove strong foot traffic and tenant sales,” said SM Prime president Jeffrey C. Lim.
“Robust consumer activity and improving business confidence also lifted contributions across our portfolio.”
Headline financial figures
• Residential income rose 2 percent to P5.1 billion.
• Hotels and convention centers jumped 20 percent to P635 million.
• Consolidated revenues climbed 5 percent to P68 billion.
• Malls drove 69 percent of earnings with P17 billion, up 14 percent year-on-year.
Optimistic on growth
SM Prime said it expects stronger consumer sentiment to lift demand across its portfolio as inflation stays contained and policy rates continue to ease.
“We remain optimistic, backed by strong consumption, lower interest rates and continued recovery in retail and tourism,” the company said.
First-half earnings before interest, taxes, depreciation and amortization climbed 10 percent to P41.6 billion, while operating income rose 11 percent to P34.4 billion.
SM Prime’s P100 billion capital expenditure program is on track, with P37.3 billion spent as of June.
—Edited by Miguel R. Camus
