SM Prime's net income hits P10.5 billion in first quarter

Business.
Business.(Business File photo)

SM PRIME Holdings Inc. continues to report steady growth in the first quarter of 2024, hitting P10.5 billion in consolidated net income, 11 percent higher than P9.4 billion in the first quarter of 2023.

This is on the back of P30.7 billion in consolidated revenues, seven percent higher than P28.6 billion in the same period last year.

Consolidated operating income grew by six percent to P14.7 billion from P13.8 billion in the first quarter of 2023. SM Prime’s mall business, which accounts for 59 percent of the consolidated revenues, recorded a seven percent growth to P18.2 billion in the first quarter of 2024.

Its primary residential business group reported P8.5 billion in revenues in the first three months of 2024, higher by 10 percent than last year’s P7.7 billion.

Its other business segments, which are composed of offices, hotels and convention centers, registered nine percent growth posting P3.4 billion in revenues in the first quarter of 2024. / PR

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