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SM Prime H1 net income up 14% YOY

SM Prime Holdings Inc.'s net income for the first half of 2017 rose 14% year over year to 14.39 billion Philippine pesos from 12.59 billion pesos.

In the comparable period, consolidated revenues increased 10% to 43.25 billion pesos from 39.23 billion pesos, while overall operating income jumped 13% to 20.11 billion pesos from 17.85 billion pesos.

SM Prime President Jeffrey Lim said the first-half numbers reflect "more balanced" revenue and income streams from various businesses, including growth in the contribution of its operations outside metro Manila, especially malls.

Lim added that the conglomerate expects its residential arm — which accounts for 32% of the first-half revenue at 13.91 billion pesos, a 5% year-over-year increase — to contribute more in the coming years, as SM Prime launches more housing projects in the Philippines.

SM Prime's mall business, meanwhile, contributed 60% of the company's total revenues. The unit's revenue in the first half was 25.68 billion pesos, up 10% year over year from 23.42 billion pesos. Rental income also increased 10% to 21.75 billion pesos.

Additionally, the Filipino company's other businesses, which include offices and hotels, saw first-half revenue grow 43% year over year to 3.74 billion pesos.

In the second quarter, net income grew 15% to 7.79 billion pesos, up from 6.75 billion pesos in the year-ago period.

As of Aug. 7, SM Prime's portfolio comprises 63 shopping malls at home and seven in China, six office buildings, six hotels, four convention centers, and three trade halls.

As of Aug. 4, US$1 was equivalent to 50.28 Philippine pesos.