this story was taken from www.inq7money.net
URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=05&dd=09&file=11
SM Prime profit P1.34B in Q1
Posted: 4:32 AM | May 09, 2006
Inquirer
SM PRIME Holdings Inc., the country's biggest shopping mall developer and operator, reported a net income of P1.34 billion in the January-March quarter, up eight percent from P1.24 billion in the same period last year, thanks largely to rental revenues from new malls.
Total revenues grew 15 percent year-on-year to P2.85 billion from P2.5 billion, it said.
Rental revenues grew 15 percent to P2.35 billion from P2.04 billion.
In the second half of 2005 and early this year, the company opened the SM City San Lazaro mall in
The new malls currently have an average occupancy level of 95 percent, SM Prime said.
Cinema ticket sales were up 20 percent in the first quarter, with more blockbuster movies than in the same period in 2005, it said.
Income from operations rose 22 percent to P1.71 billion from P1.4 billion in 2005.
Revenues are expected to increase further with the opening of more malls this year, the company said.
Set for opening are the Mall of Asia, SM City Clark, SM City Lipa, SM Supercenter Frontera Verde, and SM City North Edsa Annex-3.
The SM group's total mall floor area will increase to 3.5 million square meters this year from 2.8 million square meters at the end of last year, the company said. With INQ7.net
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