SM Prime profit up by 16% in first half

The property firm of country’s richest man Henry Sy, Sr. reported a 16% profit growth for the first six months of 2018, driven by the provincial expansion of its malls alongside higher demand for residential properties.
SM Prime Holdings, Inc. said in a statement on Monday, Aug. 6, that its net income reached P16.62 billion for the January to June period, on the back of a 15% uptick in consolidated revenues to P49.77 billion.
“SM Prime’s expansion projects in various progressive provincial areas in the Philippines, as well as bolstered presence in Metro Manila, allowed the Company to maintain double-digit growth in all of our businesses,” SM Prime President Jeffrey C. Lim was quoted as saying in a statement. — Arra B. Francia