SM Prime Holdings Inc., the country’s leading malls operator, posted a 12 percent increase in net income during the first quarter, driven by last year’s expansion.
 
“SM Prime’s massive expansion last year propelled our performance this quarter. Our strong balance sheet coupled with consistent recurring revenue and income should allow us to pursue our growth plans this year and in the medium term,” SM Prime President Hans T. Sy, said.
 
The mall operator reported a core net income of P5.8 billion, up 12 percent in the first three months of 2016, while consolidated revenue jumped 10 percent to P18.2 billion.
 
Mall revenue by increased 11 percent to P11 billion from P9.9 billion year-on-year.
 
SM Prime said mall revenue alone accounted for 60 percent of the revenue, of which 85 percent came from rental income.
 
SM Prime has 57 malls in the Philippines and six in China, making it the country’s largest malls operator.
 
The company is set to open at least four new malls in the country.