SM Prime Holdings Inc. said that they were able to record an 11% growth for the first-quarter net income.

They noted that this is due to the higher revenues that were tallied during the said period, as they said that the mall business accounting for majority of it.

SM Prime also reported that there is a P10.5-billion consolidated net income for the first quarter.

This is higher than the P9.4 billion the previous year. 

Meanwhile, the consolidated operating income went up by 6% to P14.7 billion.

The Consolidated revenues showed an increase of 7% to P28.6 billion.

The mall business — which accounts for 59% of consolidated revenues — has a 7% growth to P18.2 billion.

On the other hand, the mall rental income grew by 8% to P15.8 billion, while other revenues — including cinema and event ticket sales — stood at P2.5 billion.

Their primary residential business went up by 10% increase in its revenues to P8.5 billion, accounting for 28% of the company’s consolidated revenues. Reservation sales were recorded at P26.5 billion.