REAL ESTATE PULLS DOWN SM PRIME’S Q1 PROFIT

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SM Prime Holdings Inc. (SM Prime), the parent firm of SM Group’s major property assets, saw its real estate sales fall in the first quarter of this year, weighing on its overall profit, which grew by only 11 percent. In its financial report enclosed to a disclosure filed in the Philippine Stock Exchange, SM Prime reported on Monday a consolidated net income increase of 11 percent to P4.58 billion for the first three months of 2014 from P4.11 billion in the same period last year. The listed firm’s consolidated revenues also slightly went up by 3 percent to P15.35 billion from P14.95 billion, year-on-year. Overall, the real estate sales of the group recorded a 17-percent decrease to P5.02 billion in 2014 from P6.01 billion in 2013.

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