SM Prime clears P7.4 B in 9 mos

MANILA, Philippines - Shopping mall giant SM Prime Holdings Inc. said its net income rose 15 percent in the first nine months of the year to P7.4 billion, mainly driven by new store openings and higher contributions from its malls in China.

In a disclosure to the Philippine Stock Exchange,  SM Prime said revenues climbed 15 percent to  P22.1 billion from P19.27 billion a year ago while EBITDA (earnings before interest, taxes, depreciation and amortization)  rose 12 percent  to P14.6 billion.

Income from operations increased to P11.65 billion, up 15 percent from P10.14 billion last year.

SM Prime’s four malls in China – located in the cities of Xiamen, Jinjiang, Chengdu and Suzhou – contributed nine percent or P1.9 billion to the company’s aggregate revenues,.  The figure is 27.5 percent higher than the P1.49 billion contributed in 2011 due to  improvements in the average occupancy level, lease renewals, and the opening of SM Xiamen Lifestyle and SM Suzhou which added 182,000 square meters of gross floor area. The average occupancy rate for the four malls in China is now at 96 percent.