SM Prime Holdings Inc. earned P10.5 billion in the first quarter on the back of a modest topline improvement, 11 percent higher from a year earlier and extending its growth momentum from 2023.
Revenues grew 7 percent to P30.7 billion from P28.6 billion while operating income was 6 percent higher at P14.7 billion from P13.8 billion, the mall landlord told the stock exchange on Monday.'We are encouraged the performance of all our businesses this first quarter of 2024,' SM Prime President Jeffrey Lim said, adding that the company was also 'bullish' with regard to the mall business.
The primary residential business, which contributed 28 percent to the topline, delivered a 10-percent rise in revenues to P8.5 billion from P7.7 billion last year.Reservation sales totaled P26.5 billion at the end of March, SM Prime also said.'For the residential business, our focus remains addressing housing backlog within the socialized and economic segments,' Lim said.SM Prime, through its residential property development arm, SM Development Corp.
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