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SM Prime, in a disclosure to the Philippine Stock Exchange (PSE), said its consolidated revenues also rose 15 per cent to P9.6 billion from P8.4 billion in 2008.
The company also posted P1.7 billion in net income during the second quarter this year, up eight per cent from P1.6 billion during the same period last year.
Consolidated rental revenues continued to contribute the biggest share, growing by 17 per cent to P8.4 billion from P7.2 billion.
The growth resulted from an active retail environment, which defied weak market expectations amid an ongoing global recession.
The added space from the opening of new malls in 2008 namely, SM City Marikina, SM City Rosales, and SM City Baliwag, together with SM City Naga, which opened in May of this year, also contributed to the growth.
The expansion projects in SM North EDSA, SM Megamall, and SM Fairview also contributed to rental revenue growth.
The new malls and expansions in 2008 and 2009 added 477,000 square meters (sqm) to the companys total gross floor area (GFA) and presently registered an average occupancy rate of 96 per cent.
Meanwhile, due to an increase in the number of blockbuster movies shown this year, cinema ticket sales in the first half of the year to P0.93 billion from P0.89 billion Hit movies shown thus far this year include You Changed My Life, Transformers 2, Bestfriends Forever, Ang Tanging Ina Nyong Lahat, and Angels & Demons, among others.
Operating expenses during the first six months of 2009 jumped by 20 per cent to P4.5 billion from P3.8 billion due largely to the opening of new mall.
Income from operations increased to P5.1 billion, up 12 per cent from P4.6 billion.
The three malls in China contributed P0.5 billion to the consolidated operating revenues, representing five per cent of total. They also contributed P60 million, or two per cent, to total consolidated net income.
The SM China malls major tenants include US retail giant Walmart, SM-Laiya Department Store, apparel retailer Giordano, health and beauty store chain Watsons, and international quick service restaurants McDonalds and KFC, among others.
"We are pleased to have met our targets for the first half of this year in spite of the on-going global financial crisis. Our results reinforce our belief in the resilience of the Philippine economy. We remain steadfast in pursuing our growth and expansion programs in order to better serve our millions of loyal customers," said SM Prime president Hans T. Sy.
By yearend 2009, SM Prime expects to have 36 malls in the country, with an estimated GFA of 4.9 million sqm.
(PNA) bl
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