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Philippines' SM Prime records 12% YOY jump in Q1 net income

said thatits core net income in the first quarter of 2016 grew 12% year over year to 5.8billion Philippine pesos.

Thegroup's consolidated revenue in the quarter was a 10% year-over-year increaseto 18.2 billion pesos, according to the earnings release.

Theconglomerate's mall business accounted for 60% of the revenue. The 11.0billion-peso contribution was attributed to new and expanded in 2015.

SMPrime's residential business, meanwhile, recorded 5.8 billion pesos in revenuesin the quarter, up 5% from the year-ago period. "Higher constructionaccomplishments" from Grass Residences, Shore Residences and AirResidences— residential projects launched in 2013 to 2015 — led to the increase.

First-quarterrevenue from the group's commercial properties was up 16% from a year ago to 1billion pesos, which was complemented by the opening of two office buildings that offer a combined171,000 square meters of gross floor area.

SMPrime's hotels and convention centers recorded 617 million pesos in revenueduring the first quarter. The opening of the 154-room Park Inn Clark and "animprovement" in average room and occupancy rates were named drivers of the22% increase in the comparable period.

Asof May 2, the company has 57malls, 28 residential projects and five office buildings in thePhilippines.

For the remainder of the year, SM Prime is planning to openand expand a total of six new malls and place up to 12,000 residential unitsfor sale. Two office properties, ThreeE-Com and FourE-Com Centers, are expectedto be completed in 2017 and 2019, respectively.

As of April 29,US$1 was equivalent to 46.91 Philippine pesos.