May 5 (Bloomberg) — Net income rose to 4.58b pesos, consolidated revenue +3% to 15.35b pesos, Philippine developer says in stock exchange filing.
- “We are off to a good start this year maintaining a steady growth for the first quarter of 2014. We are very optimistic SM Prime will achieve its targets,” President Hans Sy says
- Real estate sales -17% to 5.02b pesos as sales take-up driven only by two project launches compared with 9 launches in 2010 and 2011, it says; gross profit margin for residential improved to 42% from 39% in 2013, it says
- Rental revenues accounted for 56% of consolidated sales and +12% to 8.56b pesos, driven by opening of new malls in 2012, 2013
- Consolidated operating expenses +11% to 5.75b pesos, it says