SM Prime reports P1.9B net income for Q2
MANILA – Mall developer and operator SM Prime Holdings Inc. reported that it posted a net revenue income of P1.9 billion for the second quarter of 2010, or 11 percent higher than the P1.7 billion posted in the same period last year.
In its disclosure to the Philippine Stock Exchange, SM Prime also reported that its revenues for the second quarter reached P5.9 billion, up by 19 percent year-on- year.
Earnings before interest, taxes, deductions and amortization for the period in review was placed at P4.0 billion, an increase of 17 percent, and an EBITDA margin of 67 percent.
For the first half of 2010, SM Prime reported a 10-percent increase in consolidated net income, which amounted to P3.8 billion from P3.4 billion in the same period last year.
Consolidated revenues grew 17 percent to P11.3 billion, compared with P9.6 billion during the first semester of 2009.
EBITDA for January to June rose 17 percent to P7.7 billion for an EBITDA margin of 68 percent.
SM Prime President Hans Sy said, “The encouraging results delivered by SM Prime validate our positive sentiment on the economy, which is further bolstered by robust consumer spending”.
“In that light, we look to the second half of the year with more optimism in executing our expansion plans. We aim to offer more avenues for high quality yet affordable products and services, for which the SM brand is known,” he noted.
For the first half of 2010, SM Prime’s consolidated rental revenues continued to contribute the biggest share, growing by 13 percent and amounting to P9.5 billion, as compared to P8.4 billion during the same period last year.
The increase was supported by the continued strength of the consumer and remittance sectors and the added space resulting from the opening of new malls in 2009.*
