Henry Sy-led SM Prime Holdings Inc. announced on Monday its consolidated income rose 5 percent to P16.3 billion for full-year 2013, attributing the increase to the opening of six malls, including the SM Aura Premier in Bonifacio Global City.
“Our consolidated financial results in 2013 were within our expectations.
We expect the Philippine economy to sustain its growth momentum in 2014 and create more demand for our property offerings. We will continue to pursue our expansion plans and look for new growth opportunities,” Hans Say, SM Prime president, said in a statement.
In a disclosure to the Philippine Stock Exchange, SM Prime said that its revenues increased also by 5 percent to P59.8 billion from the P57.2 billion recorded in 2012.
The mall developer said that revenues from rentals grew 11 percent year-on-year to P32.2 billion, accounting for 54 percent of total revenues.
“The increase was primarily due to the full-year effect of new malls opened in 2012, namely SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM Lanang Premier and the opening in 2013 of SM Aura Premier,” SM Prime said in its disclosure to the local bourse.
“Excluding the new malls and expansions, rental revenues grew 7 percent. SM Prime’s shopping malls in China also sustained their profit growth, with net income amounting to P958 million,” the disclosure added.
Meanwhile, cinema ticket sales rose 8 percent to P3.7 billion from P3.5 billion in 2012 due to the opening of digital cinemas in selected malls.
Amusement and other revenues jumped 40 percent to P3.1 billion from the P2.21 billion in 2012, given the opening of amusement rides in SM by the Bay beside the SM Mall of Asia and the Sky Ranch in Tagaytay City.
“This allowed simultaneous nationwide releases and more blockbuster movies screened, both local and international . . . as well as the increase in advertising income and sponsorship revenues,” the company said in its disclosure.