Sy-led SM Prime revenue hits Php33-B in Jan-June period

MANILA, Aug. 4 (PNA) — Sy-led listed firm SM Prime Holdings Inc. hit a total revenue of Php33.42 billion in the first six months of the year — 7.0 percent higher than last year’s same period.

SM Prime disclosed to the Philippine Stock Exchange (PSE) Monday that the increase in revenue in the first half of the year was pushed by positive growth in its rental sales, cinema ticket sales, as well as amusement and other revenues.

Rental revenues, which shared bulk of the firm’s revenues in January-June 2014, grew by 12 percent year-on-year amounting to Php17.67 billion.

“The increase in rental revenue was primarily due to the new malls opened in 2013 and 2014 plus the shopping spaces added in existing malls namely: in SM Megamall which contributed an additional 101,000 square meters,” SM Prime mentioned.

Aggregate mall spaces of the company now reached 6.5 million sqm.

Second largest contributor on the firm’s revenue during the first six months of the year was its real estate business with sales reaching to Php11.9 billion. However, it declined by 4.0 percent year-on-year.

SM Prime mentioned that it expects its real estate business to grow in the remaining months of 2014 as more projects will be completed and new housing projects are set to launch within a year.

Moreover, cinema ticket sales in the first half of the year went up by 23 percent year-on-year to Php2.35 billion.

“The increase was due to the opening of digital cinemas at the new malls and the showing of blockbuster movies,” the company said.

Amusement and other revenues increased by 27 percent in January to June period this year amounting to Php1.5 billion compared to 2013 of the same period.

On the other hand, consolidated expenses of the company in the first six months of 2014 was valued at Php12.51 billion.

This left SM Prime a profit of Php9.8 billion in Jan.-June 2014, which is 12 percent higher compared to last year of same period.

“This gives us confidence to meet our full year target. We are looking forward to hitting our key targets for the rest of the year. This should pave way in achieving our five-year roadmap set in April of this year,” SM Prime president Hans T. Sy noted. (PNA)