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SM Prime's FY'17 net income rises 16% YOY

SM Prime Holdings Inc.'s full-year 2017 profit climbed 16.0% year over year to 27.60 billion Philippine pesos, from 23.80 billion pesos in the prior-year period.

Consolidated revenues increased 13.9% on an annual basis to 90.90 billion pesos from 79.80 billion pesos. Overall operating income rose 15% to 40.6 billion pesos from 35.3 billion pesos a year ago.

The company attributed the growth to increasing rental revenue from malls opened and expanded in 2016 and 2017, along with strong sales from SM Prime's residential business.

Malls contributed 53.2 billion pesos in revenues, up 9% from the 48.6 billion pesos mall revenue in 2016. Revenue from residential developments grew 18% year over year to 30.0 billion pesos from 25.4 billion pesos in 2016.

Other businesses, including commercial properties and hotels and convention centers, logged a 32% revenue growth to 7.9 billion pesos from 6.0 billion pesos.

The developer owns 67 malls spanning 8.0 million square feet in the Philippines and seven in China offering 1.3 million square feet of gross floor area, as of 2017-end.

SM Prime has seven office properties in the Philippines with 456,000 square meters of gross floor area.

As of Feb. 16, US$1 was equivalent to 52.29 Philippine pesos.