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Property developer SM Prime Holdings Inc. said Monday it booked a net income of P10.5 billion in the first quarter of 2024, an 11-percent increase from P9.4 billion in the same period last year.
The group’s mall business, which accounted for 59 percent of the consolidated revenues, recorded revenues of P18.2 billion from January to March, higher by 7 percent than a year ago level.Mall rental income grew 8 percent to P15.8 billion, while other revenues which include cinema and event ticket sales totaled P2.5 billion in the first quarter.
SM Prime’s residential business group reported P8.5 billion revenues in the first three months of 2024, up by 10 percent from last year’s P7.7 billion. Reservation sales reached P26.5 billion in the first quarter. SM Prime’s other business segments, composed of offices, hotels and convention centers, also registered a 9-percent growth in first -quarter revenues to P3.4 billion.
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