May 08, 2007
Updated 14:27:48 (Mla time)
SM Prime said its first-quarter gross revenue had grown by 24 percent to P3.6 billion with the opening last year of five new malls.
Rents for space in its malls accounted for 83 percent of revenue in the first quarter. These rents increased 26 percent to 3.0 billion pesos because the newly opened malls have an occupancy rate of 97 percent.
The company's operating expenses were 1.6 billion pesos and its operating income grew by 17 percent to P2 billion.
SM Prime president Hans Sy said in a written statement: "SM Prime will continue to reap the benefits of its continued expansion this year."
New malls that the company expects to open this year include SM City Taytay and SM Supercenter in Muntinlupa, while SM Mall of Asia and SM City in Pampanga will be expanded.
SM Prime is a subsidiary of holding company SM Investments Corp.
http://services.inquirer.net/express/07/05/08/html_output/xmlhtml/20070508-64769-xml.html
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