Image via WikipediaFirst semester net profit totals P3.8BMANILA, Philippines -- SM Prime Holdings Inc. (SMPH), the country’s largest shopping mall developer, grew its second quarter net profits by 11 percent year-on-year to P1.9 billion on the back of strong consumer spending.
This brought SMPH's first semester consolidated net profit to P3.8 billion, up by 10 percent from the same period last year.
For the second quarter alone, revenues reached P5.9 billion, or 19 percent higher than a year ago.
Cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) stood at P4 billion, up by 17 percent from the same period in 2009, for an EBITDA margin of 67 percent.
EBITDA margin measures the extent to which cash operating expenses use up revenue.
Consolidated revenues grew by 17 percent to P11.3 billion from a year ago. Six-month EBITDA grew by the same pace of 17 percent to P7.7 billion, for an EBITDA margin of 68 percent.
“The encouraging results delivered by SM Prime validate our positive sentiment on the economy, which is further bolstered by robust consumer spending. In that light, we look to the second half of the year with more optimism in executing our expansion plans," SM Prime president Hans Sy said.
"We aim to offer more avenues for high quality yet affordable products and services, for which the SM brand is known,” he added.
Doris Dumlao
13:06:00 08/04/2010
http://business.inquirer.net/money/breakingnews/view/20100804-284887/SM-malls-net-profit-grows-11-to-P19B-in-2nd-quarter
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