SM Prime’s mall business records P31.07B revenues

GROWTH RISES. The Sy-led SM malls log high rental revenues, driven by the newly opened and expanded malls.( Sunstar File)

SM PRIME’s consolidated mall revenues increased by eight percent to P31.07 billion in the first half of 2019 from last year’s P28.71 billion.

This accounts for 55 percent of the company’s consolidated revenues. Rental revenues went up to P26.22 billion from P24.49 billion of the previous year, driven by the seven percent same-mall-sales growth as well as the increasing contribution from newly opened and expanded malls in 2018.

Cinema and event ticket sales recorded P2.81 billion from P2.59 billion, a nine percent increase from the same period last year. Summer blockbuster movies shown between April and June drove the growth in this segment including “Avengers: The Endgame,” “Captain Marvel,” and “Aladdin (2019).”

Meanwhile, other revenues, which include leisure, entertainment and merchandise sales jumped by 24 percent to P2.03 billion from P1.64 billion of last year.

Mall operating income improved by 10 percent to P17.45 billion from P15.90 billion, translating to higher operating income margin of 56 percent from 55 percent of the same period last year.

SM Prime has 72 malls in the Philippines and seven malls in China with a total gross floor area of 9.3 million square meters as of June 2019.

The company is scheduled to launch SM Center Dagupan, SM City Olongapo Central, SM City Butuan and SM Mindpro Citimall in Zamboanga in the second half of 2019. PR


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