New book by Larry Connors Click here Improve your trading - See how
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, SM Prime said total revenues jumped 18 percent to P4.7 billion in the first quarter, while its earnings before interest, taxes, depreciation and amortization (EBITDA) grew 14 percent to P3.3 billion, for an EBITDA margin of 69 percent.
SM Prime?s first quarter results included the operations of the three SM malls in China, following their acquisition in early 2008. The SM China malls are located in the cities of Xiamen and Jinjiang in Southern China, and Chengdu in Central China.
?We are very pleased by the resilience that our malls are experiencing despite earlier prognosis of a more challenging economic environment. The SM malls continue to enjoy high foot traffic and healthy sales growth. As we continue to focus on offering quality and value for money products and services, we also closely monitor the effects of the global financial crisis on local demand, especially on consumer spending. We are hopeful that moving forward it will have much less of an impact in Asia,? said SM Prime president Hans T. Sy.
Rental fees still accounted for the largest share of SM Prime?s consolidated revenues, reaching P4.1 billion, for a year-on-year growth of 19 percent.
The company attributed the growth mainly to new malls and mall expansions in 2008.
The new malls opened last year were SM City Marikina, SM City Rosales, and SM City Baliwag. In addition, mall expansions were completed in The Annex at SM City North EDSA, and The Atrium at SM Megamall.
The new malls and expansions in 2008 added approximately 353,000 square meters to the company?s total gross floor area.
SM Prime also reported that cinema ticket sales during the quarter improved by eight percent due to an increase in the number of local blockbuster movies such as ?You Changed My Life?, ?Ang Tanging Ina N?yong Lahat?, and ?When I Met You?, among others.
Operating expenses for the period rose 23 percent to P2.2 billion, from P1.8 billion in 2008, largely because of the new and expanded malls.
Income from operations grew 14 percent to P2.5 billion in the first quarter this year from P2.2 billion in 2008.
SM Prime inaugurated SM City Naga in Camarines Sur recently. It is the company?s first mall in the Bicol region and also its first to be opened this year.
SM City Naga brings to 34 the total number of SM Prime malls in the Philippines, with a total ground floor area of 4.4 million square meter.
For the rest of 2009, the company will open SM City Rosario in Cavite, and SM City Pamplona in Las Piñas. It will also unveil the Sky Garden, which is an innovative expansion of SM City North EDSA, and complete the expansion of SM City Rosales in Pangasinan.
By the end of this year, SM Prime expects to have 36 malls in the country, with an estimated gross floor area of 4.9 million square meter.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
