INQ7 MONEY - BREAKING NEWS
August 04, 2006
Updated 10:39:09 (Mla time)
Xinhua Financial News Service
(2ND UPDATE) Shopping mall operator SM Prime Holdings Inc reported that second-quarter net profit rose 9 percent from a year earlier to 1.3 billion pesos on the back of double-digit growth in rental revenues after the company opened new malls.
In the first half of the year, net profit grew to 2.6 billion pesos from 2.4 billion in the same period last year, the company said in a statement.
SM Prime vice-president Jeffrey Lim said the company is confident of meeting its target of growing full-year net profit by 7-8 percent to 5.3-5.4 billion pesos.
"We will meet that target. Usually, the second half is stronger than the first," Lim told XFN-Asia.
SM Prime said gross sales grew 19 percent in the first quarter to 3.2 billion pesos from 2.7 billion a year earlier as rental revenues improved to 2.7 billion pesos from 2.2 billion following the opening of six new malls, including the country's biggest -- Mall of Asia -- which began operating in May.
SM Prime said it is scheduled to open two more malls this year, which will increase its total gross floor area to 3.6 million square meters by year-end.
The company's performance during the April-June quarter was also boosted by sales of cinema tickets which rose 21 percent to 395 million pesos thanks to more blockbuster films.
For the first half of the year, operating income jumped 20 percent from 3 billion pesos a year ago as revenues grew 17 percent to 6.1 billion. SM Prime did not provide the first-half operating profit figure.
At 10:27 am, SM Prime was flat at 8.10 pesos.
(1 dollar = 51.66 pesos)
http://services.inq7.net/express/06/08/04/html_output/xmlhtml/20060804-13441-xml.html
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